Comments Due to America's Credit Unions: CFPB - Fees for Instantaneously Declined Transactions

Important Regulatory Dates Add to Calendar 2024-03-11 17:00:00 2024-03-11 17:00:00 Comments Due to America's Credit Unions: CFPB - Fees for Instantaneously Declined Transactions America's Credit Unions would like to highlight the following: NSF fees on instantaneously declined transactions, regardless of transaction method, would be prohibited as an abusive act or practice under the Bureau’s prohibition on UDAAP. According to the proposal, these types of fees are relatively uncommon. Unlike the CFPB’s overdraft proposal, the NSF proposal does not include an asset-based exemption. It would apply to all credit unions and any entity that holds consumer accounts or issues access devices for electronic fund transfers. The CFPB has stated that they are taking proactive steps to regulate NSF fees as technological advancements may eventually make instantaneous payments ubiquitous. Comments due to America's Credit Unions: March 11, 2024 Comments due to the CFPB: March 25, 2024 Comment now   America's Credit Unions will send comments on behalf of its members to the CFPB by its deadline (March 25, 2024). Location NAFCU digital@nafcu.org America/New_York public

America's Credit Unions would like to highlight the following:

  • NSF fees on instantaneously declined transactions, regardless of transaction method, would be prohibited as an abusive act or practice under the Bureau’s prohibition on UDAAP. According to the proposal, these types of fees are relatively uncommon.
  • Unlike the CFPB’s overdraft proposal, the NSF proposal does not include an asset-based exemption. It would apply to all credit unions and any entity that holds consumer accounts or issues access devices for electronic fund transfers.
  • The CFPB has stated that they are taking proactive steps to regulate NSF fees as technological advancements may eventually make instantaneous payments ubiquitous.

Comments due to America's Credit Unions: March 11, 2024

Comments due to the CFPB: March 25, 2024

Comment now  

America's Credit Unions will send comments on behalf of its members to the CFPB by its deadline (March 25, 2024).