News & Analysis as of

Overdraft Fees Final Rules

Hudson Cook, LLP

CFPB Bites of the Month - April 2025 - "I'll Remember April and the CFPB"

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In this month's article, we share some of our top "bites" covered during the April 2025 webinar....more

Ballard Spahr LLP

Financial Services Committee Republicans call on CFPB to withdraw rules, guidance

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Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more

Orrick, Herrington & Sutcliffe LLP

Congress overturns two CFPB rules via congressional review

On April 9, the House of Representatives passed two resolutions that it received from the Senate, overturning two CFPB rules from the Biden administration. The House considered S.J. Res. 18, disapproving the CFPB’s final rule...more

Ballard Spahr LLP

Republicans ask federal banking agencies to withdraw rules, guidance

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Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more

Husch Blackwell LLP

The State of the CFPB During a Fraught Transition Period: Part II

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It has been a little over two months since President Donald Trump returned to office, and since then, the Consumer Financial Protection Bureau (CFPB) has been in flux—to put it mildly. As of this writing, it is unclear...more

Troutman Pepper Locke

House Passes Two CRA Resolutions Rolling Back CFPB’s Overdraft and Digital Payment Rules

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On April 9, the House of Representatives passed two Congressional Review Act (CRA) joint resolutions aimed at nullifying certain Consumer Financial Protection Bureau (CFPB) rules finalized in the final days of the...more

Holland & Knight LLP

CFPB's Overdraft Rule and Big Tech Payment Apps Rule Set for Repeal After Congressional Votes

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Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more

Goodwin

Republicans Invoke the CRA to Repeal Chopra-Era Rules

Goodwin on

The Republican-led Congress has invoked the Congressional Review Act (CRA) in attempts to revoke final rules that former CFPB Director Chopra issued toward the end of Biden’s Administration....more

Ballard Spahr LLP

Senate adopts resolution to nullify CFPB overdraft rule

Ballard Spahr LLP on

The Senate on March 27 adopted a resolution that would nullify the CFPB’s overdraft rule. The Senate adopted S. J. Res. 18 by a vote of 52-48, with Sen. John Hawley, R-Mo., the only Republican voting against repeal....more

Goodwin

2024 Year in Review: Cards, Payments, and Consumer Banking

Goodwin on

We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more

Orrick, Herrington & Sutcliffe LLP

CFPB halts nearly all administrative work

In February, the new Acting Director of the CFPB, Scott Bessent, reportedly sent an email instructing all CFPB staff to pause immediately new rulemaking, enforcement investigations, public communications, litigation efforts,...more

Morrison & Foerster LLP

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2024

CFPB Imposes $5 Cap on Overdraft Fees Charged by Large Banks - The CFPB has adopted a final rule capping overdraft fees at $5 for banks and other depository institutions with more than $10 billion in assets (covered...more

Goodwin

CFPB Finalizes Rule Preventing Overdraft Fee Loophole for Large Banks

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​​​​​​​In December 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule that closes a loophole exempting overdraft loans from lending laws, a major step in the CFPB’s efforts to curb junk fees....more

Miller Nash LLP

Regulatory Update: Final Rule on Courtesy Overdraft Services

Miller Nash LLP on

We previously posted an article about a proposed rule that could drastically affect the courtesy overdraft services offered by many financial institutions (you can refresh your memory here). Well, the time has come. The...more

Hudson Cook, LLP

CFPB Bites of the Month - November 2024 - CFPB Take Me Home, Country Roads

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In this month's article, we share some of our top "bites" for the prior and current month covered during the November 2024 webinar....more

Clark Hill PLC

Navigating the New CFPB Overdraft Rule: Implications for Financial Institutions

Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB) recently finalized its “Overdraft Lending: Very Large Financial Institutions Rule,” introducing sweeping changes to how overdraft credit is structured and regulated for the...more

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes overdraft lending rule for “very large financial institutions”

On December 12, the CFPB issued a final rule, restricting the amount that certain financial institutions can charge for their overdraft service. As previously covered by InfoBytes, historically, the Fed exempted banks from...more

Saul Ewing LLP

Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees

Saul Ewing LLP on

After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to...more

Bradley Arant Boult Cummings LLP

CFPB Announces Final Rule Closing “Overdraft Loophole” Created by TILA 

On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) announced its final rule, redefining overdraft fees as finance charges in order to limit overdraft fees. The final rule seeks to regulate how overdraft...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter – December 2024 # 3

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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

Troutman Pepper Locke

CFPB Finalizes Rule on Overdraft Fees for Large Financial Institutions

Troutman Pepper Locke on

On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets,...more

Ballard Spahr LLP

CFPB issues overdraft rule prior to administration change

Ballard Spahr LLP on

The CFPB has issued its long-awaited final rule that covers overdraft policies at financial institutions with at least $10 billion in assets. The final rule offers those financial institutions three options for designing...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more

Davis Wright Tremaine LLP

CFPB Proposes Rule to Treat Overdraft as Credit Under TILA

The Consumer Financial Protection Bureau released its proposed rule to treat overdraft features for deposit accounts as credit, subject to the Truth in Lending Act (TILA) and its implementing rules, Regulation Z. The proposal...more

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