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Rulemaking Process › Insufficient Funds › Banking Sector

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws its proposed rule to ban nonsufficient fees

Orrick, Herrington & Sutcliffe LLP on

On January 14, the CFPB withdrew its proposed rule prohibiting financial institutions from charging nonsufficient funds (NSF) fees on transactions that are “instantaneously or near-instantaneously” declined. NSF fees are...more

Sheppard Mullin Richter & Hampton LLP

California Enacts Law Prohibiting State Banks and Credit Unions from Charging NSF Fees

Sheppard Mullin Richter & Hampton LLP on

On September 24, the Governor of California signed AB 2017 (the “Act”) into law. The Act prohibits state-chartered banks and credit unions from charging consumers non-sufficient fund fees (“NSF fees”) when they initiate...more

Ballard Spahr LLP

CFPB Spring 2023 rulemaking agenda includes proposed larger participant rule for nonbanks in consumer payments market

Ballard Spahr LLP on

The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more

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