CFPB orders Atlantic Union Bank to pay $6.2 million for illegal overdraft fee harvesting. Is your program at risk?  CFPB has been hot on the trail of junk fees, which are fees that bring little value to the consumer and are hidden or undisclosed.  During this webinar we will look at supervisory guidance from the regulators and lessons learned on consent orders.

One of the proposed rules would preserve courtesy overdraft, where fees do not exceed the very large financial institution’s costs and losses. The proposal would provide two options for very large financial institutions to operate within this exception—calculating their own costs using a “breakeven standard” or relying on a “benchmark fee” set by the CFPB.  The second proposed rule would restrict fees on instantly declined transactions

Topics include: 

• Charging fees without proper consent
• Misleading customers about the terms and costs of overdraft coverage
• Authorize positive settle negative 
• Repeated overdraft fees on the same item
• Transfers from savings 
• Account opening procedures 
• Regulation E and DD
• Reopening accounts without customers consent
• Proposed - fees on instantly declined transactions
• Proposed - large bank restrictions on overdraft fees