Overdraft Disclosure Requirements: Regulations, UDAAP & Legal Risks
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Overdraft protection continues to be a hot, high-risk area. Regulators have identified misleading and deceptive practices in examinations, including inaccurate and incomplete overdraft disclosures and deficient opt-in procedures. This webinar will analyze Truth in Savings and Regulation E disclosure requirements related to overdraft protection. Financial institutions throughout the country have become targets for class action lawsuits that allege improper overdraft practices, a lack of transparency and disclosure about the overdraft program, and failure to comply with the Electronic Fund Transfer Act and Regulation E.
Best practices for ensuring your institution has clearly described its overdraft protection program (and overdraft alternatives and ability to opt out) will be analyzed. Specifically, this webinar will examine the importance of disclosing and explaining your institution’s use of the available balance and how this impacts accountholders. By clearly explaining when overdraft/NSF fees will be charged, institutions can reduce compliance, UDAAP, and legal risk.
Continuing Education: Attendance verification for CE credits upon request
HIGHLIGHTS
- Summary of Truth in Savings and Regulation E disclosure requirements for overdraft protection
- Regulation E’s model overdraft opt-in disclosure for ATM and one-time debit card transactions
- Best practices to inform accountholders of how your overdraft protection program works, including options and priority levels for linked accounts, lines of credit, and overdraft protection
- Analysis of a checking account’s available balance versus actual balance
- Examples of when overdraft protection or NSF fees will be charged
- Signature versus PIN debit card transactions and the impact of authorization holds on available balance
- TAKE-AWAY TOOLKIT
- List of possible topics and information to add to your overdraft explanation and website to reduce UDAAP and litigation risks
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for deposit, operations, compliance, and audit employees.
Presented By
