Brad Rustin Erin Kolmansberger Marianna Mcdevitt
February 07, 2024 | Daily Business Review
The End of Free Checking? CFPB Continues Attack on Bank Fees With Latest Rulemakings on Overdraft, NSF FeesThis latest action by the CFPB follows the back-and-forth seen in the prudential bank regulators relating to the imposition of overdraft fees and insufficient funds (NSF) fees. Many bankers will recall that in August 2022, the FDIC issued guidance noting that the imposition of multiple NSF fees for the same transaction "results in heightened risks of … unfair or deceptive acts or practices (UDAP)," even when fully disclosed to the customer.
By Brad Rustin, Erin Kolmansberger, Marianna McDevitt and Lashania White
7 minute read
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