Overdraft Fees

News & Analysis as of

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

CFPB’s Final Prepaid Card Rule: Long Form Disclosures

The final Prepaid Card Rule requires not only so-called “packaging” or short form disclosures prior to acquisition of the prepaid card account, but also that a long form disclosure be provided to the consumer. Whereas the...more

CFPB participates in Fed webinar on overdraft practices

On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices.  The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending.  In addition to a CFPB...more

What To Know About CFPB's New Prepaid Card Rule

The Consumer Financial Protection Bureau issued its final rule to amend provisions of Regulation E and Regulation Z to further regulate prepaid card products, or “prepaid accounts.” As discussed below, the rule generally...more

CFPB to participate in Fed webinar on overdraft practices

The Federal Reserve has announced that on November 9, 2016, it will host a webinar on overdraft practices.  Webinar speakers will discuss issues identified through consumer complaints, examinations, and enforcement actions....more

CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking

On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will fundamentally change how...more

CFPB Finalizes Sweeping Prepaid Account Rule

On October 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited final rule to further regulate prepaid card products, or “prepaid accounts” (the “Final Rule” or “Rule”). The Final Rule follows...more

CFPB finalizes sweeping expansion of prepaid account regulations

The CFPB has issued its long-anticipated final rule for general purpose prepaid accounts.  As expected, the new regulations expand the products covered by Regulation E, introduce significant new disclosure requirements,...more

CFPB Finalizes Sweeping Expansion of Prepaid Account Regulations

The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more

North Carolina Business Court Ruling Regarding Fees May Impact Class Action Claims

North Carolina Business Court Judge Louis Bledsoe III has held that the named plaintiff must pay any defendant's costs incurred after the plaintiff rejected the defendant’s offer of judgment. This decision brings to an end...more

CFPB Monthly Complaint Snapshot Brings Bank Accounts into Focus

On August 31, 2016, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report for August 2016, this month focusing on complaints concerning bank accounts and related services. The report, which...more

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

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

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

CFPB Orders National Bank to Pay $10 Million for Overdraft Practices

On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices. According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales...more

Financial Services Weekly News - July 2016 #3

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more

Class Rep Can Opt Out of Arbitration for All (And Other Recent State Court Anomalies)

Continuing last week’s theme of “States Gone Wild,” here are three more oddball summer decisions from state supreme courts. All of them find interesting paths around federal case law (IMHO). Georgia Says Class Complaint...more

ABA challenges CFPB use of generic clearance for overdraft research

The American Bankers Association has sent a comment letter to the CFPB challenging the Bureau’s use of the generic clearance process to conduct research in connection with its overdraft rulemaking. The letter was submitted...more

CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

Non-Sufficient Funds – Court Holds Bank Payments of Overdraft Amounts Are Not Extensions of Credit

The Supreme Court of Iowa recently held that non-sufficient funds fees (“NSF fees”) charged by a state-chartered Iowa bank are not subject to the usury provisions of the Iowa Consumer Credit Code (“ICCC”) because the...more

NACHA Issues Amendments to Operating Rules on Same-Day ACH Payments, Unauthorized Entry Fees and Disclosures for POS Entries

The NACHA, The Electronic Payments Association (“NACHA”) has adopted several amendments to its Operating Rules and Guidelines (“NACHA Rules”) that could significantly impact the operations of financial institutions....more

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

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