As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule, the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It appears this report was issued to bolster those imminent rulemaking efforts, similar to the consent order with Atlantic Union Bank earlier this month.… Continue Reading
NSF fees
CFPB reported to be planning to unveil overdraft regulations before year-end
By Kristen E. Larson on
Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in December, according to people familiar with the discussions. The CFPB has been crafting the regulations for months, and most of the details remain secret.”… Continue Reading
FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance
The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient funds (NSF) fees for the same unpaid item. See our prior blog here.
Last August, the FDIC-issued Financial Institutions Letter 40-2022: Supervisory Guidance on Multiple Re-Presentment NSF Fees (“FIL 40”).… Continue Reading