Navigating risks while taking action to manage overdraft/non-sufficient funds fees
Banks can take several steps to mitigate challenges surrounding overdraft/NSF fee lawsuits and enforcement actions.
Browsing: Overdraft protection
FDIC: ‘Authorize positive, settle negative’ overdraft fees present risks of unfairness
APSN overdraft fees present risks of unfairness because the consumer cannot reasonably avoid receiving the fees due to the “complicated nature of overdraft processing systems,” FDIC said.
OCC’s Hsu says regulators seek fairness in overdraft protection
Fees for overdraft services present a variety of risks for banks, but the goal of regulators is to make the fees more friendly to consumers, not to eliminate them, Acting Comptroller of the Currency Michael Hsu said this week.
White House pushes state policymakers to restrict ‘junk fees’
The Biden administration this week released a guide for state legislatures and attorneys general on how they can take action against what it has labeled “junk fees.”
Wall Street Journal editorial pans Biden administration campaign against bank fees
A Biden administration proposal to reduce and eliminate so-called “junk fees” charged by financial institutions is likely to harm the very people it purports to help, the Wall Street Journal said in an editorial this week.
Biden repeats misleading message about bank fees in State of the Union
In his State of the Union address tonight, President Biden highlighted his administration’s proposals to place price controls on consumer fees, including fees charged by banks for late payments.
Agencies issue regulatory agenda addressing overdraft, NSF fees, other issues
The Biden administration today issued its Fall 2022 Semiannual Regulatory Agenda—a semiannual listing of rulemakings that departments and agencies expect to initiate or continue during the next six months.
ABA responds to Biden tweet on ‘junk fees’
Responding to a misleading statement about credit card and overdraft fees from President Joe Biden’s official Twitter account, the American Bankers Association today noted that the CFPB sets the allowable amount for credit card late fees, and like fees for overdraft protection, they are highly regulated and fully disclosed to consumers by law.
CFPB issues guidance on fees for overdraft protection, depositors
The Consumer Financial Protection Bureau today issued guidance on certain overdraft and depositor bank fees that the agency alleged “are likely unfair and unlawful.”
ABA Data Bank: Consumers value overdraft protection
Most consumers appreciate and value bank overdraft programs, according to a new Morning Consult survey commissioned by ABA.