On July 12, 2022, The New York State Department of Financial Services (DFS) issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. The DFS indicated that, through the supervisory process, it identified several unfair or deceptive acts or practices regarding the imposition of overdraft and NSF fees. The Industry Letter intended to alert New York institutions that the DFS “will evaluate whether Institutions are engaged in deceptive […]
