Checking Accounts

News & Analysis as of

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

Business Court: High To Low Posting of ATM Debit Card Transactions Properly Disclosed By Bank

The meaning of the word "item" was the definitive factor in the Business Court's decision last week in Gay v. People's Bank, 2015 NCBC 59. The case was an attempted class action involving claims against the Bank for...more

Pew continues call for checking account arbitration ban and overdraft limits

In its latest report evaluating the checking account practices of the nation’s largest banks, the Pew Charitable Trusts continues to press the CFPB to write new overdraft and other rules for checking accounts. Pew’s new...more

Eleventh Circuit Ruling Gives Large Bank Another Chance at Arbitration

On an appeal of five putative class actions alleging the unlawful charging of overdraft fees on consumer checking accounts, On February 10, the U.S. Court of Appeals for the Eleventh Circuit vacated a lower court order...more

Comunity Banking Legal Alert

In This Issue: - Banks May Need to Take a Second Look at “Free” Checking Account Promotions - Is Apple Pay in Your Future - Marketing Agreements for Mortgage Services Require Care - Financial...more

A Hard Rain Has Started to Fall, A Product-by-Product Review of the CFPB’s First 60 Enforcement Actions

Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more

CFPB Forum on Access to Checking Accounts Raises Industry Trepidation

On October 8, 2014, the Consumer Financial Protection Bureau held a forum in Washington, D.C. on access to checking accounts. While the CFPB states that the purpose of the event was “to learn more about how the screening...more

CFPB Holds Forum On Access To Checking Accounts

On October 8, the CFPB held a forum on consumers’ access to checking accounts. The event featured remarks from Director Cordray, as well as presentations from federal and local government officials, consumer groups, and...more

CFPB Director Proposes Checking Accounts for All

On Wednesday, in a speech at the Forum on Access to Checking Accounts CFPB Director Richard Cordray returned to two of his most frequent themes – the consumer reporting process and urging actions that he is unable to mandate....more

CFPB Explores Checking Account Screening Policies and Practices

Today, the CFPB held a forum to learn more about how consumers are impacted by checking account screening policies and procedures. The CFPB recognizes that checking accounts are one of the most widely used financial products...more

CFPB To Host Forum On Access To Checking Accounts

On October 8, the CFPB will host a forum to discuss checking account screening policies and practices and how they will affect consumers. Specifically, the event will focus on how the screening system works and its potential...more

CFPB to hold Oct. 8 forum on checking account screening policies and practices

The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014. ...more

CFPB releases more overdraft program data as a prelude to likely rulemaking

The CFPB moved closer to likely rulemaking on overdraft programs with the release late last week of a new report entitled “Data Point: Checking account overdraft.” The report is based on account-level and...more

New York AG, Capital One Agree On Credit Screening Changes

New York Attorney General Eric T. Schneiderman recently announced an agreement with Capital One Financial Corporation that will require the bank to adopt new policies regarding the screening of consumers seeking to open...more

CFPB releases compliance costs report

The CFPB recently released a report on the operational costs of regulatory compliance. The 176-page report is entitled “Understanding the Effects of Certain Deposit Regulations on Financial Institutions’ Operations: Findings...more

Pew Report on Checking Account 'Best Practices' Draws Questionable Conclusions

The Pew Charitable Trusts has released a report on the safety and transparency of checking accounts. The study questions whether banks are sufficiently engaged in what Pew deems "best practices" and concludes that the...more

FDIC Supervisory Insights Focuses On Mobile Payments And High-Yield Checking

On December 17, the FDIC published the Winter 2012 issues of Supervisory Insights. The two featured articles focus on mobile payments and high-yield checking. In “Mobile Payments: An Evolving Landscape,” FDIC staff (i) review...more

Last Minute Gifting By Check

Time is running out for 2012 gift giving. End of year gifting by check is always an issue for those trying to use their annual exclusion amounts, but in 2012 the issue also relates to those attempting to make larger gifts to...more

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