Financial Service Webinar Registration 10622

Overdraft Fees – What does the CFPB’s Recent Overdraft Enforcement Action Mean For My Financial Institution?”

Date: Thursday, October 6^th
Time: 2:00 p.m. - 3:00 p.m. EST

The CFPB announced a Consent Order with a large bank this week for alleged violations of the UDAAP standard under Dodd-Frank in connection with the use of “Authorized-Positive Overdraft Transactions.” The Bureau’s position in this order, while not a formal regulation or official guidance, threatens to expose all depository institutions assessing overdraft fees on transactions that are authorized on a positive available balance, but later settle against a negative available balance, to significant civil and regulatory risk if not addressed. This webinar will:

Explain what an “Authorized-Positive Overdraft Transaction” is, and provide a brief background on recent litigation against financial institutions for this practice;
Summarize the CFPB Consent Order, explain how it differs from previous statements on the issue of overdrafts by the Federal Reserve and the FDIC. and why it presents a risk to your financial institution; and
Provide guidance on how best to protect your financial institution from potential liability for overdraft practices in light of the Consent Order.

Krieg DeVault Presenters
Brett J. Ashton - Partner

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Have a question you would like answered to submit ahead of the webinar? Feel free to use the below space to submit your question and we will address it during the webinar.