Overdraft Fee Income Down, Other Checking Account Fees Steady, Reports CFPB
In a report issued by the Consumer Financial Protection Bureau (CFPB) last week, the agency announced that banks’ reported overdraft fee income “was 43% lower in the third quarter of 2022 than in the third quarter of 2019 before the COVID-19 pandemic onset – suggesting $5.1 billion less in fees on an annualized basis,” reports CUSO Magazine’s Esteban Camargo.
Top 10 CUSO Magazine Articles of 2022
As we move into 2023, the CUSO Magazine team took a moment to reflect on 2022 by sharing the most widely read articles of the year.
The House Financial Services Committee Approves Controversial Legislation to Limit Overdraft Fees
Last week, the House Financial Services Committee approved overdraft legislation which would limit the number of overdraft fees banks and credit unions can charge their clients. Emily Claus discusses the bill’s future and repercussions.
Senate Subcommittee Meets to Discuss Overdraft Fees
The United States Senate Subcommittee on Financial Institutions and Consumer Protection met on Wednesday, May 4 to discuss overdraft fees and their effects on working families. Esteban Camargo reports on the discussion.
Are Overdraft Fees on the Chopping Block?
Overdraft and NSF fees have been in the CFPB’s spotlight of late. Jim Vilker suggests slowing down and considering the ramifications carefully before rushing to respond.
The Expanded Role of the CFPB in the Biden Administration
From overdraft policies to Buy Now Pay Later contracts, the CFPB during the Biden administration has taken action against those businesses that CFPB officials say are taking advantage of consumers. David Baumann shares some insights on what the CFPB has been focused on, and how interested parties have responded.
NCUA Board Treads Lightly on Climate Change Risks
Under fire from farm state elected officials, the National Credit Union Administration board emphasized at its March meeting that the agency will not micromanage credit union policies as credit unions consider the risks of climate change. Other issues were also discussed, reports David Baumann of the Washington Credit Union Daily.
Overdraft Class Actions: What Credit Unions Need to Know in 2022
With class-action overdraft lawsuits on the rise, Patrick Sickels explains how credit unions can get into trouble with fees and ambiguous phrasing and what steps you can take to protect your credit union.
CFPB: Crackdown on Overdraft Policies is Coming
The CFPB intends to crack down on financial institutions that charge the largest fees for overdrafts and is considering “a wide variety of regulatory interventions” to better supervise such fees, Director Rohit Chopra said.
Five Legal Trends To Be Aware Of
Internal Auditor Patrick Sickels details a few recent trends in litigation that credit unions should be on the lookout for, and how they can ensure they won’t be targeted.