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CFPB Report Indicates Impending Regulation of Overdraft Practices

by Lane Powell PC - Seattle Office

June 14, 2013

Previously published on June 12, 2013

On June 11, the Consumer Financial Protection Bureau (“CFPB”) issued its anticipated white paper on its study of bank overdraft programs. The 72-page Report: (1) discusses the recent Regulation E amendments and case law restricting overdraft procedures; (2) provides statistical information about bank overdraft programs; and (3) sets forth a rather complete description about how various bank overdraft programs actually operate and the various methods banks use in making funds available to consumers and in debiting consumers’ accounts. In the Report, CFPB Director Richard Cordray is quoted about overdraft programs, stating: “Overdrafts can provide consumers with access to funds, but the growing costs of overdraft protection have the capacity to inflict serious economic harm.”


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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