On January 24, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to prohibit covered financial institutions from charging fees, such as nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are instantaneously declined. Under the rule, charging such fees would constitute an abusive practice under the Consumer Financial Protection Act’s prohibition on unfair, deceptive, or abusive acts or practices (UDAAP).
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