The Consumer Financial Protection Bureau is beginning an inquiry into how banks levy overdraft fees they charge customers who bounce checks or withdraw more than they have in their accounts using debit cards or automated teller machines, the head of the agency said Tuesday.
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With the growing likelihood that merchant litigation over credit card interchange will conclude with a settlement, as hinted by defendants MasterCard and Visa reserving billions of dollars in recent months, comes observer speculation about the case's final impact at the annual Keefe, Bruyette & Woods Cards, Payments, and Financial Technology Symposium.
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Citigroup is facing a potential multibillion-dollar write-down as it begins unwinding its minority investment in the Morgan Stanley Smith Barney brokerage.
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