On July 11, 2023, the CFPB announced two consent orders against a large national bank, settling allegations that the bank illegally charged consumers multiple non-sufficient fund fees for the same transaction, withheld cash...more
On October 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued guidance stating “surprise overdraft fees” and “returned deposited item fees” generally violate the federal Consumer Financial Protection Act’s...more
In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more