In September 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against a large national bank for charging unfair and abusive overdraft fees. In support of its action, the Bureau noted that...more
This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more
A New York bank was unable to dodge a lawsuit accusing it of violations of state consumer protection law in the way it ordered customer transactions....more
Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more