An In-Depth Analysis of the CFPB's Proposed Overdraft Rule — Payments Pros – The Payments Law Podcast
An In-Depth Analysis of the CFPB’s Proposed Overdraft Rule - The Consumer Finance Podcast
CFPB’s War on Junk Fees - The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: Performance-Based Regulation: A New Approach to Consumer Financial Regulation, with Guest Lauren Willis, Professor of Law LMU Loyola Law School
State Attorneys General Call on Financial Giants to Eliminate Overdraft Fees - Regulatory Oversight Podcast
State Attorneys General Call on Financial Giants to Eliminate Overdraft Fees - The Consumer Finance Podcast
Regulators Tackle Board Effectiveness and Overdrafts
On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more
On September 17, the CFPB issued a circular stating that financial institutions can be found liable for violating the Electronic Funds Transfer Act by charging overdraft fees if the there is no proof of consumers’ affirmative...more
On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more
The CFPB issued guidance, titled Improper Overdraft Opt-In Practices, addressing whether a financial institution violates the law if it levies overdraft fees for ATM and one-time debit card transactions based on phantom...more
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more
On Sept. 17, the Consumer Financial Protection Bureau (CFPB) published guidance for federal and state consumer protection enforcement officials to use to prevent banks and credit unions from charging overdraft fees in certain...more
On August 15, a coalition of community, civil rights, consumer, and advocacy organizations released a letter urging both presidential candidates to support the CFPB’s ongoing efforts to combat “junk fees.” In a letter...more
On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more
In this month's article, we share some of our top "bites" covered during the May 2024 webinar....more
In this episode of Payments Pros, Josh McBeain and Chris Willis discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule on overdraft fees. The rule, which only applies to large financial institutions with...more
In December 2021, the Consumer Financial Protection Bureau (CFPB) released research critiquing banks for charging overdraft and related fees to consumers, and the CFPB director, Rohit Chopra, stated the agency would renew its...more
On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item...more
State Attorneys General from 17 states recently sent a letter to the CFPB endorsing its proposed rule to amend TILA. The 17 states included New York as principal, California, Colorado, Connecticut, Delaware, the District of...more
The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more
In this episode of The Consumer Finance Podcast, Chris Willis and Josh McBeain discuss the Consumer Financial Protection Bureau’s (CFPB) proposed rule on overdraft fees. The rule, which only applies to large financial...more
As you may have heard, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would drastically change the landscape of courtesy overdraft services offered by many large financial institutions. Under...more
On February 22, California State Attorney General, Rob Bonta, issued a letter to small banks and credit unions cautioning that overdraft and returned deposited item fees may infringe upon California’s Unfair Competition Law...more
California AG Rob Bonta issued letters to small banks and credit unions warning that overdraft and returned deposited item fees likely violate the state’s Unfair Competition Law and the federal Consumer Financial Protection...more
On February 22, 2024, California Attorney General Rob Bonta issued letters (the “AG Letter”) to California’s 197 state-chartered banks and credit unions warning that overdraft and returned deposited item fees may violate...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
What Happened? On January 24, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule that would prohibit covered financial institutions from imposing a nonsufficient funds (NSF) fee when...more
Hard to believe 2024 marks 25 years since the Y2K panic. If Y2K means little to you, you're either too young or, like many of us at Explainer Things, you've blocked out the memories of end-of-times fearmongering and...more
This edition of Fintech Flash identifies key issues we anticipate will impact the payments industry in 2024. First, the payments regulatory landscape continues to evolve, with a number of proposed rulemakings published by the...more
In January 2024, the Consumer Financial Protection Bureau ("CFPB") issued two proposed rules that, if implemented as written, would result in further whittling down overdraft or non-sufficient funds ("NSF") fees charged by...more
As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial...more