Overdraft fees are a hot topic. In 2009, economic research firm Moebs Services projected a record $38.5 billion of annual overdraft fee revenues. The Federal Reserve Board (FRB) issued rules in November and May narrowing card-issuer authority in charging overdraft fees. In April, the Office of Thrift Supervision (OTS) proposed guidance on overdraft practices―and severely penalized a small Texas thrift for alleged unfair and deceptive overdraft practices. Meanwhile, banks have faced an onslaught of class actions challenging current practices.
On June 23, 2010, Ballard Spahr's Consumer Financial Services Group will hold a webinar to address regulatory action and the status of litigation in this area.
topics
Regulation
- What does the proposed OTS guidance say about overdraft fee practices?
- Is compliance mandatory?
- What produced the OTS enforcement action against Woodforest Bank?
- Will the other federal banking agencies follow the OTS?
- How will the FRB Regulation E amendments apply?
Litigation
- Where have cases been brought?
- What is their status?
- What are the claims?
- What are the defenses?
- Arbitration
- Preemption
- Failure to state a claim
Speakers
Alan S. Kaplinsky, Chair, Consumer Financial Services Group
Jeremy T. Rosenblum, Vice Chair, Consumer Financial Services Group
Darryl J. May, Partner, Consumer Financial Services Group