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Course description

Where are we on the subject of bank overdraft programs? The Bureau has studied the topic almost since it opened its doors in 2011. After a flurry of activity during the Cordray years, the Bureau moved its overdraft project to an “inactive list.” The OCC had a “toe in the water” for a time but backed away from the topic during the previous administration. In the meantime, regulators have identified selected overdraft practices as targets for UDAP or UDAAP charges.

In 2021, several credit unions began announcing they were reducing or eliminating overdraft fees. Capital One, the sixth largest retail bank in the U.S., announced on December 1 it will be eliminating overdraft and non-sufficient funds fees on consumer accounts, and will offer free overdraft protection to consumers, starting in 2022. Elsewhere, everything points to making sure banks are transparent in their provision of overdraft services and avoid consumer harm in efforts to increase overdraft fee income.

With a new Director, the CFPB shows signs of targeting overdrafts yet again. On December 1, 2021, the Bureau released two reports on bank and credit union overdraft practices and fees and the degree to which these fees have been relied upon while net interest margins been so sparse.

Attend this two-hour webinar to get a current view of regulatory requirements and developments affecting overdraft programs, including --

  • What the CFPB is focused on in its recent reviews of OD practices
  • A review of the account disclosure requirements related to overdraft fees
  • The dangers of relying on § 1030.4(b)(4) and comment (b)(4)(5).
  • A cautious look at Regulation DD account advertising requirements when overdrafts are mentioned
  • Statement disclosure requirements
  • The opt-in disclosure requirements under Regulation E
  • Regs E and O – Does “no opt-in, no fee” apply to insiders, too?
  • Key provisions of the FDIC’s 2010 Guidance and the follow-up FAQ
  • The FDIC's OD fees/Reg E/UDAP stance and what it means to you
  • Best practices and practices to avoid
  • Recent court cases and regulatory enforcement actions involving overdraft payment programs

 

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

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