League's Compliance Roundtable Covers CFPB's Focus on Consumer Fees, Consumer Report Disputes

Your League on Wednesday held its final quarterly Compliance Roundtable of 2022, with compliance attorney Jay Spruill covering several key topics of interest, including CFPB’s intense focus on overdraft and returned check fees. In recent guidance to financial institutions, CFPB said such “surprise fees” generally violate the federal Consumer Financial Protection Act.

Spruill also covered the recent CFPB circular on the duties of furnishers to investigate consumer report disputes. He reminded credit unions to tread carefully and ensure your policies and procedures account for CFPB’s guidance that furnishers may not require additional specific documents if the consumer has already provided supporting information or require a consumer to complete a proprietary form before investigating the dispute.

Spruill also touched on NCUA’s recently proposed member expulsion rule; recent developments related to refunds in cases of fraud on Zelle and other peer-to-peer payment platforms; and several recent court cases of interest.

Your League will hold quarterly Compliance Roundtables in 2023 … Stay tuned for details!