The CFPB reviewed unanticipated overdraft fee assessment practices and concluded that surprise overdraft fees and surprise depositor fees are "likely unfair and unlawful under existing law."
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A bank settled CFPB charges for unfair and abusive practices by charging overdraft fees on transactions when customers had sufficient funds in their accounts when the transactions were made.
The Federal Reserve Board extended the comment period for a proposal on framework for supervision of insurance activities.
The Federal Reserve Board published in the Federal Register a request for comments on proposed guidance concerning a framework for the supervision of insurance activities by depository institution holding companies.
The Federal Reserve Board requested comment on proposed guidance on a framework for the supervision of any depository institution holding company that (i) is an insurance underwriting company, or (ii) has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries.