Friday, January 14, 2022
12:00 – 1:00 pm (Eastern Time)
11:00 – 12:00 pm (Central Time)
10:00 – 11:00 am (Mountain Time)
9:00 – 10:00 am (Pacific Time)
CFPB Director Rohit Chopra hopes to eliminate overdraft fees for good. In a recent statement of remarks published by the CFPB, Chopra announced that the agency will be cracking down on banks that are heavily reliant on overdraft fees and will pursue individual executives that oversee illegal overdraft practices.
"Rather than competing on transparent, upfront pricing, large financial institutions are still hooked on exploitative junk fees that can quickly drain a family’s bank account."
The CFPB is considering a range of regulatory interventions to eliminate these predatory “junk fees.” The OCC quickly followed suit and announced its plans to reform bank overdraft programs and coordinate with the CFPB to keep the momentum for overdraft reform moving forward. To ensure progress, Acting Comptroller Hsu recently stated, “new rules and the credible threat of enforcement actions for harmful practices should help ensure that at least some progress will be made in the future, bank reform efforts notwithstanding.”
With heightened oversight of these programs, bank management, marketing and branch personnel must understand what is required to maintain a compliant overdraft protection program and which practices are being targeted by regulators and class action attorneys. Since 2009, three have been numerous class action lawsuits settled and enforcement actions taken over banks’ administration of overdraft programs. Consumer advocacy groups continue to highlight actions deemed abusive practices and legislation to restrict overdraft fees has been proposed and considered by Congress. This webinar will provide a comprehensive review of legal and regulatory developments, overdraft program compliance requirements, and risk management strategies to assist a wide range of bank personnel who are involved in the first, second or third line of defense for this area. Join this session to learn best practices to ensure your overdraft program is compliant and the pitfalls to avoid.
Comprehensive Training Objectives for You and ALL Your Staff
- Overview of the legal and regulatory landscape and actions banks should consider now
- Understand the upcoming regulatory changes and how they will affect your institution
- Marketing and communications with consumers
- The types of allegations that may potentially expose financial institutions to significant losses
- Compliance lessons learned from recent enforcement actions and overdraft litigation
- Potential impact of your deposit agreements and marketing materials on your overdraft program compliance
- Recommendations to reduce risk and avoid and/or correct identified issues
This bank compliance webinar is designed for:
- Branch Administration
- Deposit Operations
- Senior Management
- Compliance personnel
- Audit personnel
- Legal Counsel
- Those responsible for the development, implementation, maintenance and oversight of your overdraft protection program
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits & 1.2 AAP Credits