Independent Banker - May 2024 - 28

PORTFOLIO
◎FOCUS COMPLIANCE
4 CFPB rules to
watch this year
From limitations on fee practices to personal financial data rights,
these proposed and final Consumer Financial Protection Bureau
rules could have a significant impact on the community bank
industry. By Katie Kuehner-Hebert
he Consumer Financial
Protection Bureau's aggressive
rulemaking agenda has resulted
in a number of proposed and
final rules that stand to affect
many community banks. ICBA
experts weigh in on the actions
and explain how rulemakings on
overdraft, credit card late fees,
nonsufficient funds (NSF) fees and
personal financial data rights will
affect community banks.
1. Overdraft credit
The CFPB has proposed to generally
apply Regulation Z to overdraft
credit provided by institutions with
more than $10 billion in assets
unless it is provided at or below
costs and losses as a true courtesy
to consumers. The proposed rule
would accomplish this by updating
two existing exceptions relating to
the definition of " finance charge. "
Under the proposal, institutions
could determine whether an
overdraft charge is considered
above break-even overdraft credit
by either calculating its own costs
and losses using CFPB standards set
forth in the proposal, or relying on
a benchmark fee set by the CFPB,
which the agency is considering
could be $3, $6, $7 or $14.
Additionally, all transfer charges
imposed on accounts with linked
overdraft lines of credit would be
deemed finance charges, and as
such subject to Regulation Z.
" We're concerned about these
arbitrary fee aspirations that do not
necessarily speak to the operational
costs for processing overdrafts, "
says Rhonda R. Whitley, ICBA's
senior vice president, senior
regulatory counsel. " We're also
concerned that these rules can have
an impact on consumers if their
mortgage payment or payments for
critical medications are rejected. "
T
28 // ICBA Independent Banker // May 2024

Independent Banker - May 2024

Table of Contents for the Digital Edition of Independent Banker - May 2024

Contents
Independent Banker - May 2024 - Cover1
Independent Banker - May 2024 - Cover2
Independent Banker - May 2024 - Contents
Independent Banker - May 2024 - 2
Independent Banker - May 2024 - 3
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