Regulatory Update: Final Rule on Courtesy Overdraft Services
By EsqSocial Corporation 30/12/24
We previously posted an article about a proposed rule that could drastically affect the courtesy overdraft services offered by many financial institutions (you can refresh your memory here). Well, the time has come. The Consumer Financial Protection Bureau (CFPB) has finalized its proposed rule that aims to close what CFPB Director Rohit Chopra has characterized as a “loophole” from certain consumer financial protection laws. The final rule requires large financial institutions to either cap...
By: Miller Nash LLP