The CFPB fined the Birmingham, Ala., based Regions Bank $7.5 million for charging overdraft fees to customers who had not opted in and overdraft and insufficient funds fees on its deposit advance product even though it had said it would not.
The $119 billion bank has roughly 1700 branches and 2000 ATMs in 16 states, the agency said.
"Today the CFPB is taking its first enforcement action under the rules that protect consumers against illegal overdraft fees by their banks," CFPB Director Richard Cordray said.
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