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Risks related to overdraft protection continue to increase. The Consumer Financial Protection Bureau has identified misleading and deceptive practices in past examinations and is preparing to further regulate overdraft protection practices. Further, banks and credit unions throughout the country have become targets for class action lawsuits alleging improper overdraft protection practices. These lawsuits allege a lack of transparency and disclosure about the institution’s overdraft program and make various claims related to compliance with the Electronic Fund Transfer Act (implemented by Regulation E). By understanding the CFPB’s focus and the legal claims being made, banks can proactively enhance the information provided to customers about overdraft protection – including clearly explaining when overdraft or NSF fees will be charged.
The first step to managing litigation risks is to ensure that your bank has publicly informed customers how your overdraft protection program works. By reviewing and enhancing their overdraft protection information, banks can reduce the chance of being the next target. This webinar will analyze the most-recent risks and best practices to help reduce the risks related to offering overdraft protection.
HIGHLIGHTS
Recent issues and new risks related to overdraft protection
Analysis of a checking account’s available balance versus actual balance, and examples of when overdraft protection fees will be charged
Signature versus PIN debit card transactions and the impact of authorization holds on an accountholder’s available balance
Best practices to inform customers of how your overdraft protection program works, including the various options and priority levels for linked accounts, lines of credit, and overdraft protection
Importance of using Regulation E’s model overdraft opt-in disclosure for ATM and one-time debit card transactions
TAKE-AWAY TOOLKIT
Sample language and examples to explain to customers how their available balance will be calculated and when an overdraft fee will be charged
List of possible topics and FAQs to add to a bank’s website to reduce risks
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Operations, compliance, marketing, and audit employees.
ABOUT THE PRESENTER – Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC, an attorney where he concentrates his practice in the area of financial regulations. He has intimate knowledge of the operational issues facing financial institutions and the best practices they can follow to reduce compliance, strategic, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.
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