We have been talking about unfair and deceptive overdraft fees for months but last week a line was drawn in the sand! Here at Compliance Resource, we have made suggestions for reviewing programs, provided information from the Federal Deposit Insurance Company (FDIC), the New York State Department of Financial Services (DFS), and the Consumer Financial Protection Bureau (CFPB) hoping to bring awareness to the ever-increasing risk of overdraft fees and the potential for regulatory violations
On September 30, 2022, the Senate Passed House Resolution 6833; which continues appropriations for the National Flood Insurance Program (NFIP) until December 16, 2022. The bill, the Continuing Appropriations and Ukraine Supplemental Appropriations Act, was sent to President Biden and was signed the same day. The NFIP was due to expire on September 30, 2022.
FDIC FAIR HOUSING CHANGES
Category: ECOA, Fair Housing, FDIC
On August 8, 2022, the Federal Deposit Insurance Corporation (FDIC) published a technical correction to two regulations in the Federal Register. The changes were precipitated by the consolidation of the former Consumer Response Center and the Deposit Insurance Section. The resulting entity has been renamed the National Center for Consumer and Depositor Assistance (NCDA). Both the Fair Housing Rule and the Consumer Protection in Sales of Insurance Rule are impacted by the change. FDIC-regulated institutions
Three Common Adverse Action Pitfalls
Category: Compliance Management, ECOA, Fair Credit Reporting Act, Regulation B
Adverse action continues to be one of the most challenging areas for Compliance Officers to ensure compliance. Trying to provide timely decisions to comply with regulatory requirements, making sure the accurate reasons are being provided to applicants on notices or for verbal notification, can be a cumbersome and often a frustrating process. Jack Holzknecht, Founder and Senior Consultant at Compliance Resource, has been training and providing guidance through his blogs, most recently on May 31,
On August 3, 2022, our very own Kimberly Boatwright brought to your attention the increasing risk of overdraft programs to financial institutions. Discussing the New York State Department of Financial Services (DFS) and their stance on overdraft fees. In that Blog she discussed the DFS position on: Overdraft Fees Relating to Authorize Positive, Settle Negative (“APSN”) Transactions Double Fees Arising from Futile Overdraft Protection Transfers Double Fees Arising from Futile Overdraft Protection Transfers It was
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.