News & Analysis as of

Banking Sector Fees Financial Institutions

Woods Rogers

Legislation Impacting Financial Services Industry Going Into Effect July 1, 2025

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The 2025 Virginia General Assembly session concluded in May. During this term, legislators passed a variety of bills that will impact financial services. The more significant legislation is summarized below...more

Holland & Knight LLP

Georgia Governor Updates Legislation Impacting Banking and Financial Services Industries

Holland & Knight LLP on

Georgia Gov. Brian Kemp recently signed legislation that will impact the banking and financial services industries in the state. It becomes effective July 1, 2025. The Georgia General Assembly adjourned the 2025 legislative...more

Awatif Mohammad Shoqi Advocates & Legal...

Does the bank have a right to close a customer's account as a result of multiple bounced cheques?

In the UAE, it is legally permissible for banks to close a customer’s account if multiple checks are returned due to insufficient funds. All the banks and financial institutions in the UAE are regulated by the Central Bank of...more

Orrick, Herrington & Sutcliffe LLP

Class action settlement seeks approval over alleged bank fee breach

On April 24, in the U.S. District Court for the Eastern District of Arkansas, a Memorandum of Law to support an unopposed motion for final approval of a class action settlement was filed to resolve all claims against the...more

A&O Shearman

UK PRA proposed fees for 2025/26

A&O Shearman on

The Prudential Regulation Authority (PRA) has published a consultation setting out proposals for its fees for 2025/26. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix) and include: (i) the...more

Orrick, Herrington & Sutcliffe LLP

FDIC fines bank $650K for alleged unfair and deceptive acts

On January 31, the FDIC publicly announced its order for a bank in Sandy, Utah, to pay a civil money penalty of $650,000 due to allegations of deceptive acts and unfair practices. ...more

Sheppard Mullin Richter & Hampton LLP

Illinois ‘Swipe Fee’ Law Faces Continued Pushback as Court Partially Extends Injunction

On February 6, 2025, the U.S. District Court of the Northern District of Illinois declined to issue a preliminary injunction to stop an Illinois “swipe fee” law that would ban certain credit and debit card fees from applying...more

Cooley LLP

NYDFS Proposes Limits on Overdraft and NSF Fees

Cooley LLP on

On January 22, 2025, the New York State Department of Financial Services (NYDFS) announced proposed regulations that would limit fees associated with overdrafts, nonsufficient funds (NSF) transactions and returned deposit...more

Holland & Knight LLP

Overdraft Free? New York's Pre-Proposed Outreach on Bank Fees

Holland & Knight LLP on

Insufficient funds transactions occur when consumers issue a payment order (a check, some other written order or an electronic debit) against funds in their bank account, and the account lacks sufficient funds to cover the...more

Sheppard Mullin Richter & Hampton LLP

New York Proposes Limits on Overdraft and NSF Fees

On January 23, 2025 the New York Department of Financial Services (NYDFS) announced proposed regulations to curb overdraft fees and insufficient funds fees charged by banks in New York. The proposed rules aim to protect...more

Orrick, Herrington & Sutcliffe LLP

New York Governor Hochul proposes new financial protections

On January 14, Governor Kathy Hochul announced new proposals to protect New York consumers as part of her 2025 State of the State. Her proposals included legislation to: (i) combat algorithmic price discrimination by...more

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws its proposed rule to ban nonsufficient fees

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

Alston & Bird

CFPB’s “Overdraft Lending” Rule Faces Immediate Legal Challenge

Alston & Bird on

What Happened? On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final “overdraft lending” rule aimed at curbing overdraft fees charged by banks and credit unions with more than $10 billion in...more

Sheppard Mullin Richter & Hampton LLP

Banks Win Temporary Reprieve from Novel Illinois Swipe-Fee Law

On December 20, 2024, an Illinois federal court, in considering a motion for a preliminary injunction brought by the Illinois Bankers Association, American Bankers Association, and other trade groups, ruled that national...more

Alston & Bird

Payments Docket – December 2024

Alston & Bird on

The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features why the CFPB’s open banking rule is under fire, a convenience fee that steals your lunch...more

Orrick, Herrington & Sutcliffe LLP

OCC announces 2025 fees and assessments for national banks and federal savings associations

On November 27, the OCC published Bulletin 2024-32, which announced the fees and assessments for national banks, federal savings associations, and federal branches and agencies of foreign banks for the 2025 calendar year. ...more

A&O Shearman

New draft of Polish markets in crypto-assets act – evolution or revolution in the legislative process?

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Although the Regulation of the European Parliament and of the Council (EU) 2023/1114 of 31 May 2023 on crypto-assets markets (the MiCAR) was published in June 2023, the work on laws implementing it in Poland is still in...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Orrick, Herrington & Sutcliffe LLP

FDIC wins dismissal as defendant in NSF fee challenge

On April 8, the U.S. District Court for the District of Minnesota granted the FDIC’s motion to dismiss in a case brought by a trade association and a commercial bank challenging the FDIC’s guidance related to insufficient...more

A&O Shearman

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

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There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Latham & Watkins LLP

CFPB Proposes to Prohibit Non-Sufficient Funds Fees on Declined Transactions

Latham & Watkins LLP on

As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial...more

Venable LLP

The CFPB’s Next Target in its War on “Junk Fees”: Overdraft Fees

Venable LLP on

Earlier in January 2024, the CFPB continued its crackdown on what it decries as “junk fees,” releasing a Proposed Rule to curb overdraft fees. The Proposed Rule could have a significant effect on the nature, availability, and...more

Perkins Coie

California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees

Perkins Coie on

On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more

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