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US consumer watchdog orders repeat offender bank to pay $191 million for 'illegal surprise' overdraft fees

( September 28, 2022, 20:23 GMT | Official Statement) -- MLex Summary: The US Consumer Financial Protection Bureau has ordered Regions Bank, a repeat offender, to pay $50 million into the CFPB’s victims relief fund and refund at least $141 million to customers harmed by "illegal surprise" overdraft fees charged between August 2018 and July 2021. According to the CFPB, Regions charged customers even after telling them they had sufficient funds, and the bank's leadership knew about these practices but chose to delay discontinuing the fees. In 2015, the CFPB ordered Regions to pay a $7.5 million penalty and refund $49 million to customers for overdraft fee violations.See statement and document below....

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