Topic: Overdraft Protection
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League voices opposition to CFPB overdraft proposal
NEWS: Today, The League submitted a comment letter to the federal Consumer Financial Protection Bureau (CFPB), telling them that Wisconsin’s credit unions are opposed to their plan to limit the fees large financial […]
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NY FCU settles overdraft case for 5.2 million
NEWS: A New York federal credit union (FCU) is the latest to settle class action allegations over its overdraft/non-sufficient funds (NSF) fees and disclosures. Empower FCU of Syracuse, NY, is required […]
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CFPB guidance targets “illegal junk fees” on bad check deposits, overdrafts
NEWS: Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two financial institution fees that it says are likely unfair and unlawful. The first, surprise overdraft fees, includes overdraft fees […]
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Check your overdraft opt-in notice form after federal court decision
TIP: A Delaware federal court’s recent decision should get the attention of all U.S. credit unions that charge fees for overdraft protection. The court allowed a class action lawsuit to continue […]
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Guidance addresses overdraft protection risks and adoption of arbitration agreements
ANALYSIS: First a recap: Yes, the new WCUL account agreement brochures are now available. (See link here.) Subscribers to the old WCUL #82004 Your Account Agreement brochure must let us […]
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Wisconsin credit unions threatened with overdraft lawsuits
ALERT: Several Wisconsin credit unions have recently contacted The League after receiving correspondence from plaintiffs’ attorney law firms, threatening class actions lawsuits over the credit unions’ overdraft practices. The “demand letters” […]
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FRB: Interagency Overdraft Services Consumer Compliance Discussion webinar (11/9/2016)
Discussion of overdraft practices and issues identified through consumer complaints, examinations, and enforcement actions. Speakers at this event will represent the following five federal financial regulatory agencies: Consumer Financial Protection […]
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NCUA: 12 CFR 707.11
Truth in Savings Additional disclosure requirements for overdraft services.
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CFPB: 12 CFR 1005.17
Requirements for overdraft services.
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NCUA: 12 CFR 701.21(c)(3) & (8)
Organization and Operation of Federal Credit Unions (FCU only) 701.21 Loans to members and lines of credit to members. See: (c)General Rules. (3) Credit applications and overdrafts. (8) […commission, fee, […]