Welcome to the morning roundup. Here's a look at what's news in banking and finance.
Overdraft marketing. Bank of America and eight other banks are being scrutinized by the Consumer Financial Protection Bureau over how they market overdraft protection on their checking accounts, Bloomberg reports. The Dodd Frank financial reform law already tweaked the rules on the products, requiring customers to actively opt-in instead of being automatically enrolled. Besides marketing, the CFPB is also looking at the size of the overdraft fee, which generally is about $35.
Student loans. To pay back tens of thousands in student debt, more grads are putting off marriage and children to get their finances in order, the Wall Street Journal reports. At the same time, default rates on private student loans are twice their prerecession levels.
Short sales. Bank of America is allowing more short sales than any other bank, according to data from RealtyTrac, Bloomberg says. Total U.S. short sales are up more than 30 percent from a year ago, and are expected to set a record.
Volcker delay. The Federal Reserve and other agencies confirmed Thursday that Wall Street will have two years to comply with Volcker Rule provisions, which largely bank proprietary trading, The New York Times reports. The rule technically takes effect July 21, and some banks worried they wouldn't be given enough time to comply.