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Financial Institutions Financial Regulatory Reform Overdraft Rule

Troutman Pepper

CFPB Releases New Circular on Opt-In Requirements for Overdraft Services

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On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more

Hudson Cook, LLP

Unpacking the CPFB's Proposed Overdraft Rule

Hudson Cook, LLP on

When my kids were much younger, we started a New Years' Eve tradition of writing down our predictions for the upcoming year. Our practice of forecasting the year in sports, world events, and the anticipated life milestones of...more

Brownstein Hyatt Farber Schreck

CFPB Targets Banks and Credit Unions in Controversial Overdraft Proposal

The Consumer Financial Protection Bureau (CFPB) released a long-anticipated notice of proposed rulemaking on Jan. 17 that would fundamentally alter how overdraft services are provided by banks and credit unions. The CFPB is...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Ballard Spahr LLP

CFPB reported to be planning to unveil overdraft regulations before year-end

Ballard Spahr LLP on

Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in...more

Ballard Spahr LLP

State AGs urge CFPB not to change overdraft rule and to consider its expansion

Ballard Spahr LLP on

24 state attorneys general, the D.C. attorney general, and the Executive Director of the Hawaii Office of Consumer Protection have sent a joint comment letter to the CFPB urging it not to make any changes to the Regulation E...more

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