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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
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
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
On December 12, several banking associations and individual financial institutions filed a complaint in the U.S. District Court of the Southern District of Mississippi against the CFPB, challenging its final rule amending...more
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more
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
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
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
Le 16 novembre 2024, le ministère des Finances a publié le projet de Règlement modifiant le Règlement sur le régime de protection des consommateurs en matière financière (le « projet de règlement ») et a lancé une période de...more
On November 16, 2024, the Department of Finance released Proposed Regulations Amending the Financial Consumer Protection Framework Regulations (Regulations) and opened a 30-day consultation period that closes on December 16,...more
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
In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more
On September 24, the Governor of California signed AB 2017 (the “Act”) into law, prohibiting state-chartered banks and credit unions from charging NSF fees when consumers initiate transactions that are instantaneously or near...more
On July 25, a bank agreed to a class action settlement relating to overdraft fees in a case filed in May 2022. If the court approves, the settlement will provide $1.5 million to the class via a settlement fund. The lawsuit...more
On May 9, the House Committee on Small Business expressed concerns in a letter addressed to CFPB Director, Rohit Chopra, on a proposed rule that would ban charging insufficient fund fees (NSF fees) on declined transactions...more
On April 16, the U.S. District Court for the Eastern District of Michigan entered an opinion and order granting defendant bank’s motion for summary judgment in an overdraft fee-related consumer class action. In this case,...more
State Attorneys General from 17 states recently sent a letter to the CFPB endorsing its proposed rule to amend TILA. The 17 states included New York as principal, California, Colorado, Connecticut, Delaware, the District of...more
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
On January 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking that would prohibit financial institutions from charging fees on transactions that are declined instantaneously or...more
On January 24, the CFPB released a proposed rule that would identify the charging of non-sufficient funds (NSF) fees on transactions that financial institutions decline instantaneously or near-instantaneously as an “abusive”...more
On November 27, 2023, a large Canadian bank agreed to pay $15.9 million to accountholders in a proposed settlement agreement stemming from a class action suit in which the bank allegedly charged improper non-sufficient fund...more
On December 19, the CFPB released a report titled Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel, a report providing insight into consumers’ experience with...more
On October 11, the CFPB’s Offices of Consumer Populations and Markets announced that through its analysis of a number of depository financial institutions it had determined that the imposition of non-sufficient fund (NSF) fee...more
When following supervisory scrutiny of fees charged to bank customers, the activities of the Consumer Financial Protection Bureau, or CFPB, are often the focus. The Minnesota Bankers Association and Lake Central Bank of...more
On June 27, the U.S. District Court for the Northern District of New York granted final approval of a class action settlement, resulting in a defendant credit union paying approximately $5.2 million to settle allegations...more