The House Financial Services Committee Approves Controversial Legislation to Limit Overdraft Fees

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.

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Senate Subcommittee Meets to Discuss Overdraft Fees

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.

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Are Overdraft Fees on the Chopping Block?

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.

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The Expanded Role of the CFPB in the Biden Administration

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.

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NCUA Board Treads Lightly on Climate Change Risks

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.

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Overdraft Class Actions: What Credit Unions Need to Know in 2022

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.

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CFPB: Crackdown on Overdraft Policies is Coming

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.

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Five Legal Trends To Be Aware Of

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.

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Recapping the May 2020 NCUA Board Meeting

Recapping the May 2020 NCUA Board Meeting

What happens when a board chair takes for granted the votes he receives in his favor? Vic Pantea deliverers notes on the May NCUA Board Meeting and wonders what went wrong for Chairman Hood as the board voted on an interim final rule concerning credit union overdraft policies.

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