Overdrafts: Navigating the evolving regulatory landscape
In recent months, regulators have issued multiple documents in the form of supervisory guidance and observations, raising concerns for credit unions.
Source: cuinsight.com
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Daily Financial Regulation Update -- Thursday, April 27, 2023 | Paul Hastings LLP
April 26, 2023- House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill...
Source: jdsupra.com
CFPB Issues Report on Unlawful 'Junk Fees' Uncovered in Deposit Accounts, Multiple Loan Servicing Markets | Insights
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.
Source: gtlaw.com
CFPB Report on Junk Fees
CFPB's report on unlawful junk fees in deposit accounts and in multiple loan servicing markets identifies instances of depository institutions charging junk fees on consumer deposit accounts, including surprise overdraft fees and multiple NSF fees for a single transaction.
Source: natlawreview.com
New state guidance limits ability for banks to charge overdraft fees
New York State is putting a limit on bank overdrafts and insufficient funds fees.
Source: whec.com