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Overdraft Fees Proposed Rules Insufficient Funds

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NY State Department of Financial Services issues proposed overdraft rule

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The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks,...more

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CFPB Continues War on Fees, Even Rare Ones

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with request for public comment to prohibit covered financial institutions from charging nonsufficient funds fees (NSF) for payment...more

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CFPB proposes rule to ban “rarely charged” NSF fees for declined transactions based on wildly expansive view of “abusive” prong

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On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more

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CFPB proposed rule would makes certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap...

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In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by...more

Troutman Pepper Locke

New Year Same Focus on Fees: CFPB Proposes to Amend Regulation Z to Raise New Barriers to Overdraft Charges

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On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with request for public comment to amend exemptions to Regulation Z so the Truth in Lending Act (TILA)/Regulation Z would apply...more

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CFPB’s credit card late fee final rule and overdraft and NSF fee proposed rulemaking expected prior to President Biden’s March 7th...

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Speaker of the House Mike Johnson (R-LA) has invited President Joe Biden to give his State of the Union address to a Joint Session of Congress on Thursday, March 7, 2024. The invitation was immediately accepted by President...more

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CBA launches overdraftfacts.com to provide insights to policymakers

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On January 8, 2024, the Consumer Bankers Association (CBA) announced the launch of a new microsite, overdraftfacts.com, to demonstrate the value overdraft services provide to consumers, highlight bank-driven overdraft and...more

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Financial trade groups remind CFPB of the SBREFA requirements for the imminent overdraft and NSF fee rulemaking

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On January 3, 2023, American Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for...more

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October 11 Was a Red-Letter Day in the Growing Federal-State War on Fees

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On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more

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