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.
ABOUT THE PRESENTER – Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC
Steve Van Beek is an attorney at Howard & Howard Attorneys PLLC 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.
This informative session is designed for new accounts personnel, branch managers and supervisors, compliance staff, auditors, and staff handling account inquiries and changes.
This webinar is being hosted through a national webinar provider. Wisconsin state law will not be addressed.
Friday, October 21, 2016 10:00 AM - 11:30 AMCentral Time
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