FWW Compliance and Risk Alert: Overdraft NSF Risk Management
In the past month, the CFPB has taken several actions that will increase pressure on credit unions to adjust practices and disclosures related to fees for NSF items, overdrafts, and (most recently) returned deposited items. Credit unions should act quickly in order to mitigate risk of consumer claims, including class action litigation. In this alert we will summarize the CFPB’s recent actions and offer suggested steps to mitigate risk.
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