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Category Archives: Overdrafts

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CFPB Fall 2016 rulemaking agenda published

Posted in Arbitration, CFPB Supervision, Mortgages, Overdrafts, Payday Lending

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The preamble indicates that the information in the agenda is current as of October 19, 2016.  Accordingly, given the results of the Presidential election, including its potential impact on the CFPB’s leadership,… More >

CFPB participates in Fed webinar on overdraft practices

Posted in Overdrafts

On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices.  The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending.  In addition to a CFPB representative, the presenters included representatives from the Fed, FDIC, OCC and NCUA. The presenters each discussed issues identified by their respective agency… More >

CFPB to participate in Fed webinar on overdraft practices

Posted in Overdrafts

The Federal Reserve has announced that on November 9, 2016, it will host a webinar on overdraft practices.  Webinar speakers will discuss issues identified through consumer complaints, examinations, and enforcement actions. In addition to a CFPB representative, the speakers will include representatives from the Fed, FDIC, OCC and NCUA.  The presentation will be followed by… More >

CFPB releases Spring 2016 rulemaking agenda

Posted in Arbitration, Mortgages, Overdrafts, Payday Lending, Prepaid Cards, Small Business

The CFPB has released its Spring 2016 rulemaking agenda.  The agenda sets the following timetables for key rulemaking initiatives:  Arbitration.  The Spring 2016 agenda does not reflect the CFPB’s release of its proposed arbitration rule on May 5, 2016, stating only that the CFPB “is preparing to issue a Notice of Proposed Rulemaking this spring.” … More >

CFPB publicizes bank overdraft and NSF revenues

Posted in Overdrafts

A new blog post by Gary Stein, CFPB Deposits Market Program Manager, suggests four ways consumers can avoid overdraft and NSF fees.  The post appears to have been prompted by the release of 2015 data by the Federal Financial Institutions Examination Council. The blog post provides various statistics on consumer overdraft and NSF fee revenues… More >

ABA comments on CFPB proposed overdraft survey

Posted in Overdrafts

The American Bankers Association has submitted a letter commenting on the CFPB’s request for approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft disclosure forms.” In its request, the CFPB stated that the survey “will explore consumer comprehension… More >

Texas Bankers Association files FOIA request with CFPB

Posted in Overdrafts

The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the overdraft activity of their bank customers. The FOIA request relates to orders issued by the CFPB in November 2014… More >

CFPB settles first overdraft opt-in rule enforcement action

Posted in CFPB Enforcement, Overdrafts

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage.  The matter is the CFPB’s first enforcement action under the Regulation E rule that prohibits depository institutions from charging overdraft fees on ATM and… More >

Director Cordray appears before House Financial Services

Posted in CFPB Rulemaking, Hot Issues, Overdrafts, Payday Lending, Prepaid Cards, Richard Cordray, TILA / RESPA

On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4 of last year.  As we anticipated shortly before Director Cordray’s testimony, the report merely provided a backdrop for the hearing, which,… More >

CFPB releases more overdraft program data as a prelude to likely rulemaking

Posted in Deposit Accounts, Overdrafts

The CFPB moved closer to likely rulemaking on overdraft programs with the release late last week of a new report entitled “Data Point: Checking account overdraft.”  The report is based on account-level and transaction-level data for about two million accounts at large banks covered by the CFPB’s supervisory authority (i.e., banks with more than $10 billion… More >