New On-Demand Recording re: Overdraft, NSF Fee Litigation for Credit Unions

Law firms continue to send demand letters threatening a lawsuit and/or file a lawsuit against credit unions alleging members were improperly assessed overdraft and/or NSF fees. These lawsuits, most of which are class actions, have plagued the financial services industry over the last several years resulting in multimillion-dollar losses. While CUNA Mutual Group has shared risk insights and mitigation tips with credit unions numerous times on this litigation trend, credit unions continue to be targeted.

To help minimize these risks, our Risk Management and LOANLINER Compliance teams have created an on-demand recording: Overdraft / NSF Fee Litigation. It is accessible within Related Resources on the Overdraft / NSF Fee Litigation page of our Emerging Risks Outlook web series. The Overdraft / NSF Fee Litigation recording (approximately 42 minutes) highlights:

• Common allegations & risk mitigation strategies
• Incorporating arbitration and class action waiver provisions in account agreements
• Placing membership agreements and other disclosures on credit union websites
• Other related trending topics.