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.
We will keep you posted as more information becomes available.
Published
2023/12/08