OVERVIEW
On January 26, 2022, the CFPB announced a new initiative to solicit public feedback on “junk fees,” which included NSF and overdraft fees. Fee oversight and regulation remain a priority for Congress and regulators.
Overdraft and late fees continue to dominate headlines in the banking industry and regulator announcements. Many financial institutions and FINTECHS have made proactive changes to their fee policies and procedures in response to competitive pressure from new industry participants and the evolving regulatory environment. Several financial institutions have revised, reduced, or eliminated their fee assessment practices in the last year.
This webinar will go over the latest CFPB announcement and discuss how financial institutions are working to mitigate these risks, as well as go over previous years of potential fee violations.
WHY SHOULD YOU ATTEND?
The Consumer Financial Protection Bureau (CFPB) issued a consent order on September 8, 2022, requiring a bank to pay a $50 million penalty and refund at least $141 million to customers allegedly harmed by the bank’s overdraft practices.
To mitigate the growing risk of litigation and regulatory issues, financial institutions should conduct a thorough review of their internal and third-party NSF and overdraft programs, as well as customer-facing disclosures, to ensure compliance with the current regulatory environment.
This training will focus on the new announcement and what it means to employees of a financial institution. The big part of this training is to be able to understand the risks that are associated and what to do in order to minimize those risks.
AREAS COVERED
CFPB NSF and Overdraft Fees Initiative
Purpose of Initiative
Disclosures
Risks to Financial Institutions
Best business practices for mitigating risks
WHO WILL BENEFIT?
Deposit Operations/Electronic Banking
Client Facing Teams
BSA and Fraud
Treasury Sales and Operations
Compliance Officers
Internal Audit
Information Security/Technology
Senior Management
Payments Professionals
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