Topic: Accounts
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CFPB withdraws 67 guidance documents
ANAYLSIS: The CFPB recently announced that it is withdrawing 67 regulatory guidance documents it has issued since 2011. This includes guidance regarding fair lending, overdraft fees, buy now, pay later loans, earned wage […]
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President signs resolution nullifying overdraft fee rule
NEWS: President Trump has signed a joint congressional resolution that officially repeals the Consumer Financial Protection Bureau (CFPB) rule capping overdraft protection fees. The House passed S. J. Res. 18, repealing the CFPB’s […]
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Postal Service redesigns its money orders
NEWS: The U.S. Postal Service has introduced a newly redesigned money order. The new design, released in February 2025, enhances security features to deter counterfeiting and other fraudulent activities. The current […]
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Changes to state MBL definition will take effect June 1
NEWS: Gov. Evers has approved long-awaited changes to Wisconsin’s member business loan (MBL) rules for state-chartered credit unions. The new rules, which are scheduled to take effect on June 1, provide a new […]
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CFPB withdraws proposal to bar certain NSF fees, but warns it may try again
NEWS: The CFPB has withdrawn a proposed rule that would have barred credit unions and other financial institutions from charging nonsufficient funds (NSF) fees when a consumer’s payment transaction is declined instantaneously or […]
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NCUA joins CFPB in warning against “unfair” overdraft & NSF fees
NEWS: It’s hardly news that federal regulators, especially the Consumer Financial Protection Bureau (CFPB), take a dim view of overdraft and non-sufficient funds (NSF) fees charged by credit unions and other […]
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Texas federal court strikes down DOL overtime rule
NEWS: On November 15, 2024, the U.S. District Court for the Eastern District of Texas vacated the Department of Labor’s (DOL) 2024 overtime rule, which would have significantly raised the salary […]
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Navy Federal ordered to refund members and banned from charging certain overdraft fees
NEWS: The Consumer Financial Protection Bureau (CFPB) ordered Navy Federal Credit Union to refund more than $80 million to members, stop charging certain overdraft fees, and pay a $15 million civil penalty. This […]
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CFPB orders VyStar Credit Union to pay 1.5 million for a botched conversion
NEWS: Last week, the Consumer Financial Protection Bureau (CFPB) took enforcement action against VyStar Credit Union (a Florida state-chartered credit union) for engaging in unfair acts and practices in violation of […]
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Be careful when accepting check deposits from new businesses
TIP: This Compliance Courier was adapted (with permission) from a recent blog post written by Shelli Clarkston, an attorney with the Spencer Fane law firm in Kansas City, MO. Recently, credit unions and other financial institutions […]