CFPB Issues Final Rule Limiting Overdraft Fees at Large Banks, Treats Overdraft as Credit
By EsqSocial Corporation 23/12/24
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for the first time under the Truth in Lending Act (TILA) and Regulation Z. The final rule, which is materially the same as the January 17, 2024, proposed rule, requires large banks to treat discretionary, fee-based overdraft services (covered overdraft services) similar to...
By: Cooley LLP