A group of financial trade associations led by ABA today urged the CFPB to conduct a study of consumers’ preferences on overdraft and release the findings for public comment before undertaking any additional actions related to overdraft practices.
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The OCC identified principles for banks to implement what it calls “responsible overdraft programs that benefit financially vulnerable consumers,” while continuing to encourage banks to offer other options for short-term, small-dollar credit, Acting Comptroller of the Currency Michael Hsu said in a speech today.
Three types of aggregate fee revenues—maintenance fees, ATM fees and overdraft fees—all declined in 2020, with overdraft fees seeing the greatest decline at 26.2%, according to data released by the CFPB today. In the years between 2015 and 2019, overdraft fees were increasing modestly year-over-year—about 1.7% annually, the bureau found.
Questions and answers from the May/June 2021 ABA Regulatory Policy and Compliance Inbox.
…and other answers to your compliance questions in the July/August 2020 ABA Regulatory Policy and Compliance Inbox.
Responding to a statutorily required review of the CFPB’s 2009 overdraft rule today, the American Bankers Association noted in a comment letter that the “opt-in” rule has empowered customers to make informed choices about seeking or declining overdraft protection services for debit card point-of-sale or ATM transactions.
The FDIC today released its first edition of Consumer Compliance Supervisory Highlights, a new publication intended to provide institutions with information and observations related to the agency’s consumer compliance supervision activities.
The Consumer Financial Protection Bureau today issued a notice detailing how it will periodically review regulations as required by the Regulatory Flexibility Act, which requires agencies to conduct decennial reviews of certain rules and consider their effects on small businesses.
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