What Do The CFPB’s Proposed Rules On Overdraft And NSF Fees Mean For You?
In January 2024, the Consumer Financial Protection Bureau proposed two new rules: one restricting overdraft fees and the other prohibiting nonsufficient funds (NSF) fees on certain declined transactions. The proposals are the CFPB’s latest moves in furtherance of the Biden Administration’s “junk fees” agenda. They represent a particularly aggressive use by the CFPB of its regulatory authorities with potentially significant implications.
Our special guest will be David Pommerehn, SVP, General Counsel, Head of Regulatory Affairs at Consumer Bankers Association at the Consumer Bankers Association.
Topics will include:
- Key provisions of each proposal and entities covered
- CFPB’s justification for each proposal
- Legal authority relied on by the CFPB for each proposal
- Business practices impacted by the proposals
- Potential legal challenges
- OCC/FDIC/CFPB bulletins, guidance, and policy statements and litigation against the FDIC on overdraft and NSF fees: a brief refresher
CLE Language: This program is approved for 1.0 CLE credit in CA, NV, NY, & PA; and 1.2 NJ CLE credits. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions.
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