The CFPB has issued a data spotlight that shows bank overdraft/non-sufficient funds (NSF) fee revenues have declined significantly from their pre-pandemic levels....more
In this episode, Judie Rinearson and John ReVeal discuss class action litigation and regulatory enforcement concerns arising from overdraft fee disclosures and practices. John also shares his insight about possible...more
Over the years USAA has aggressively asserted its patent portfolio related to check depositing. Specifically, USAA holds itself out as an innovator in the research and development of allowing banking customers to deposit...more
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
A new blog post by Gary Stein, CFPB Deposits Market Program Manager, suggests four ways consumers can avoid overdraft and NSF fees. The post appears to have been prompted by the release of 2015 data by the Federal Financial...more
On February 3, 2016, the Consumer Financial Protection Bureau (CFPB) took a series of steps aimed at improving access to checking accounts for the nearly 10 million American households that are “unbanked” or which have no...more
Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more
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
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
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
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
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
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
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 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
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