CFPB Director Chopra warns banks—and bank executives—about overdraft practices

CFPB Director Chopra used the release of two new reports about bank overdraft practices to warn banks—and responsible executives—that they could be at risk if the banks engage in overdraft practices deemed to violate Dodd-Frank’s “UDAAP” prohibition. Prior to the issuance of the two new reports, the Bureau’s most recent report on overdrafts was issued in August 2017 under the leadership of former Director Cordray. Two earlier reports were issued in June 2013 and July 2014, also under former...
By: Ballard Spahr LLP

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