Worth Noting - November 2019

The overdraft class action litigation trend is continuing.  NAFCU continues to hear from credit unions who have either received a demand letter or notice of a complaint filed relative to overdraft and insufficient funds fees (NSF).   For several years, financial institutions, including credit unions, have faced class action claims in this area. The claims often had a few elements: violations of Regulation E even where a credit union utilized the rule’s model form; assertions that the account agreement was violated when the account balance was calculated inappropriately and fees were assessed; and multiple state law claims.

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