04/04/2021
Are there any federal regulations which prohibit debiting the deposit account without sufficient funds which is tied to the Overdraft Line of Credit (ODLOC) for the ODLOC payment owed?
07/07/2008
In 2006, we merged the three banks in our holding company into one bank. At that time we did not change our overdraft line of credit product. However, we want to make some changes to our overdraft protection line of credit product so that they are all consistent. Are we required to send a full set of disclosures or can we send a letter outlining the changes and include a statement such as "all other terms and conditions of your overdraft protection account remain in full force and effect"?
06/23/2008
How do overdraft protection lines of credit pertain to Reg E and error resolution? Do they fall under the same time limits or under a different Reg?
12/10/2007
I heard that Rep. Carolyn Maloney of NY has introduced a bill (HR 946) that would make big changes to overdraft plans and will put significant restrictions on overdraft plans as well. Does anyone know the status of the bill and what it entails?
02/26/2007
Is there anyone who has a model/sample disclosure or notice for ATMs and teller windows concerning the access of the Overdraft program and the fees associated with it? Also, when an item is paid using the overdraft protection does the periodic statement have to say "overdraft item paid fee" instead of "NSF paid item fee"? I am not sure that our system can do that.
09/01/2005
Have you ever gone back and looked at a law or regulation when it was just adopted and then compared it to today's version? Take CRA for example.
08/01/2005
Our bank is considering a "club account" marketed towards young professionals. I know on the lending side we have ECOA and fair lending to take into consideration, what areas of potential discrimination should we consider on the deposit side? I have read the question answered by Andy Zavoina entitled Is Free Checking for 50 and older an ECOA violation? Are there other regulatory areas to take into consideration?
07/04/2005
We are in the process of implementing an automated overdraft protection service. As a courtesy, the Fair Lending folks at the FDIC spoke with us regarding "guidance" on this service. Specifically, they told us that if we have any checking products that are age-based (such as 50 years plus checking) that has a waived service charge that we are discriminating against all other accounts holders that have an account that is not aged base and has a service charge or a minimum balance requirement. The violation would fall under ECOA. We were told the only way that we would be in "guidance" would be if the aged based account was 62 years plus. We asked them to site specifically "where" in the Reg B or in the joint guidance that this is stated. Apparently this is very broad guidance. Has anyone else come up against this situation or been written-up in an exam for this? Any advise as to our next move?
04/01/2005
In recent years, we have coined a variety of terms for high-cost, short term loans. The names can vary from late payment fees through overdraft protection to payday lending.
03/01/2005
Since its introduction several years ago, the regulatory agencies have expressed serious concerns about bounce protection programs which, unlike traditional overdraft programs, can lead consumers i