News & Analysis as of

Overdraft Fees

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2021

FDIC Board Governance Dispute on Review of Bank Mergers Aired Publicly - CFPB Director Rohit Chopra on December 9 published on the CFPB’s website a blog post captioned “How Should Regulators Review Bank Mergers?” in...more

Goodwin

OCC Head Provides Remarks on Bank Overdraft Practices

Goodwin on

On December 8, 2021, the Acting Comptroller of the Currency, Michael J. Hsu, gave remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference where he expressed the Office of the Comptroller...more

Weiner Brodsky Kider PC

CFPB Reports on Overdraft, NSF Fees

Weiner Brodsky Kider PC on

The CFPB recently released two reports, analyzing the use of overdraft (OD) and non-sufficient fund (NSF) fees collected on consumer accounts by certain financial institutions.  In connection with these reports, the CFPB...more

Troutman Pepper

The CFPB Takes Aim at Overdraft Fees

Troutman Pepper on

The Consumer Financial Protection Bureau (CFPB) has a new target: overdraft fees. In a December 1 press call, CFPB Director Rohit Chopra targeted the use of overdraft fees in the consumer banking industry, claiming that some...more

DailyPay, Inc.

Earned Wage Access & the American Overdraft Fee Crisis

DailyPay, Inc. on

You know we have a serious economic justice problem in this country when the poorest Americans are paying $8 billion in overdraft fees in $35 increments to the nation’s largest banks. But that’s exactly what happened in 2020...more

Ballard Spahr LLP

Bank agrees to $5.7 million settlement in class action alleging wrongful charging of overdraft fees

Ballard Spahr LLP on

In the last two weeks, both the CFPB and OCC have been critical of bank overdraft practices and the CFPB has warned of enhanced supervisory and enforcement scrutiny. The potential costly impact that such increased scrutiny...more

Ballard Spahr LLP

Acting Comptroller Hsu calls for new rules and enforcement to address bank overdraft practices and recommends changes to overdraft...

Ballard Spahr LLP on

In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

Wiley Rein LLP on

Thank you for your interest in the Wiley Consumer Protection Download! This will be our last publication of 2021, with our bi-weekly newsletter returning in January 2022. Welcome to Wiley’s update on recent developments...more

Winthrop & Weinstine, P.A.

CFPB Renews Focus on Bank Overdraft Fees, Likely Increasing Litigation Risk

The hottest topic in banking this month is overdraft fees. On December 1, 2021, Capital One bank announced it would be eliminating all overdraft fees for consumer accounts, ending a practice that once netted the bank over...more

Weiner Brodsky Kider PC

11th Circuit Affirms Federal District Court’s Rulings on Check Kiting Scheme

Weiner Brodsky Kider PC on

A three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit recently affirmed a federal district court’s ruling that an investor had not knowingly participated in a fraudulent check kiting scheme, but was...more

Troutman Pepper

California Prohibits Overdraft Fees on Certain Prepaid Accounts

Troutman Pepper on

On October 5, California Governor Gavin Newsom signed SB 497, legislation that restricts the types of prepaid accounts that can be used to receive certain government assistance payments. According to the National Consumer Law...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2021

Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees - The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more

DailyPay, Inc.

Earned Wage Access: A Sword In The Fight Against Payday And Overdraft

DailyPay, Inc. on

Earned wage access (EWA) is the fastest growing employee benefits category, increasingly offered by forward-thinking employers looking to assist in creating a more financially secure workforce. The technology, typically...more

Troutman Pepper

Anticipating Potential CFPB Enforcement Priorities as Agency Marks 10-Year Anniversary

Troutman Pepper on

In the 10 years since the Consumer Financial Protection Bureau (CFPB) opened its doors on July 21, 2011, the agency has in many ways upheld its mandate to look out for the public interest. Created by the passage of the...more

Ballard Spahr LLP

Acting Comptroller of the Currency Hsu testifies about OCC activity on overdrafts, CRA, bank partnerships, alternative data

Ballard Spahr LLP on

This past Tuesday, Acting Comptroller of the Currency Michael Hsu appeared as a witness at the Senate Banking Committee’s hearing, “Oversight of Regulators: Does our Financial System Work for Everyone?”...more

Perkins Coie

Fintech Week in Review - June 2021 #2

Perkins Coie on

A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users. Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more

Ballard Spahr LLP

Afterpay faces putative class action alleging it failed to warn consumers of possible overdraft fees

Ballard Spahr LLP on

Afterpay, a buy-now, pay-later company, is facing a putative class action lawsuit in a California federal district court. The complaint alleges that Afterpay misled customers in representing that its services allowed...more

Pierce Atwood LLP

Overdraft Class Action Litigation: Recent Developments in Maine

Pierce Atwood LLP on

Financial institutions have been facing class action lawsuits regarding overdraft and return item (NSF) fees since the early 2000s. Initially, the lawsuits were focused on the largest national banks. Over time, plaintiffs’...more

Balch & Bingham LLP

Tennessee Court of Appeals Becomes First Appellate Court to Affirm Dismissal of Class Action Challenging Multiple “Overdraft” or...

Balch & Bingham LLP on

Earlier this year, Balch & Bingham reported on the dismissal of one of the first class actions challenging financial institutions for charging multiple “overdraft” or not sufficient funds (“NSF”) fees for the same transaction...more

Hogan Lovells

Debt Breathing Space Regulations: FCA consults on Handbook changes

Hogan Lovells on

The FCA has published a consultation on changes to its Handbook resulting from the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the Regulations)...more

Hogan Lovells

Consumer finance regulatory news, October 2020

Hogan Lovells on

COVID-19: additional FCA finalised guidance on consumer credit and overdrafts - Following a short consultation, on 30 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance setting out...more

Hogan Lovells

Consumer finance regulatory news, September 2020 # 2

Hogan Lovells on

COVID-19: FCA finalised guidance for mortgage firms - On 14 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance containing additional guidance for mortgage firms in light of COVID-19....more

Weiner Brodsky Kider PC

National Bank to Pay Over $120 Million for Illegal Overdraft Practices

The CFPB recently entered into a $122 million consent order with a national bank for its failure to obtain affirmative consent from consumers prior to enrolling them into an overdraft program.  The CFPB also found...more

Cozen O'Connor

COVID-19 Price Gouging | Alaska AG Resigns | Honda’s $85 Million Multistate Settlement

Cozen O'Connor on

COVID-19- Attorneys General Are Vigilant About Pandemic-Related Price Gouging and Illegal Balance Billing- •Pennsylvania AG Josh Shapiro sued online seller M & B Multi Services Inc. and its owner (collectively “M&B”)...more

Hogan Lovells

Consumer finance regulatory news, June 2020 #2

Hogan Lovells on

COVID-19: FCA proposes further support for credit card, personal loan and overdraft customers - On 19 June 2020, the UK Financial Conduct Authority (FCA) published proposed updated temporary guidance for firms relating to...more

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