New CFPB Enforcement Actions on Regulation E and NSF Overdrafts
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
On January 26, 2022, the CFPB announced a new initiative to solicit public feedback on "junk fees," which included NSF and overdraft fees. Fee oversight and regulation remain a priority for Congress and regulators.
Overdraft and late fees continue to dominate headlines in the banking industry and regulator announcements. Many financial institutions and FINTECHS have made proactive changes to their fee policies and procedures in response to competitive pressure from new industry participants and the evolving regulatory environment. Several financial institutions have revised, reduced, or eliminated their fee assessment practices in the last year.
This webinar will go over the latest CFPB announcement and discuss how financial institutions are working to mitigate these risks, as well as go over previous years of potential fee violations.
The Consumer Financial Protection Bureau (CFPB) issued a consent order on September 8, 2022, requiring a bank to pay a $50 million penalty and refund at least $141 million to customers allegedly harmed by the bank's overdraft practices.
To mitigate the growing risk of litigation and regulatory issues, financial institutions should conduct a thorough review of their internal and third-party NSF and overdraft programs, as well as customer-facing disclosures, to ensure compliance with the current regulatory environment.
This training will focus on the new announcement and what it means to employees of a financial institution. The big part of this training is to be able to understand the risks that are associated and what to do in order to minimize those risks.
Justin brings over 20 years of wide-arranging experience in compliance, training and regulations. Most recently, he served as Head of Compliance Training at Bank of China where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously he served as Macquarie Group’s Head of Americas Compliance Training and JPMorgan Chase’s Compliance Training Manager.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. Some of his vast areas of expertise are : Compliance training programs, managing regulatory projects, lasing with regulators, and identifying gaps/opportunities for improvements in risk mitigation.
