CFPB Looking to Take Action on Overdrafts & Fees

In case you missed it, the CFPB recently released its Fall 2023 Rulemaking Agenda. While there are a number of items listed that the CFPB looks to tackle, a couple caught our eye…Overdraft Fees and Fees for Insufficient Funds. The Agenda also indicates the CFPB plans to issue a Notice of Proposed Rulemaking (NPRM) sometime in December 2023. Nothing like a few special gifts during this holiday season!

The NPRM for Overdraft Fees seeks to amend Regulation Z with respect to the existing special rules related to determining when overdraft fees are considered finance charges. The NPRM on Fees for Insufficient Funds seeks to define when the assessment of non-sufficient funds (NSF) fees would be considered an unfair, deceptive or abusive act or practice (UDAAP) and how to prevent it.

We discussed this very briefly, along with a few of the other items, during our December Monthly Connection. See the clip below.


Monthly Connection!

We will keep you posted as more information becomes available.

Published
2023/12/08

 

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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