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ARTICLE · 02 SEPTEMBER 2022

FDIC Issues Guidance On NSF Fees For Multiple Re-Presentments

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The FDIC has also observed that some institutions' disclosures did not adequately describe the institution's re-presentment practice.

United StatesFinance and Banking
Daniel Meade
Daniel Meade
Mercedes Kelley Tunstall
Mercedes Kelley Tunstall
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On August 18, the Federal Deposit Insurance Corporation ("FDIC") issued Financial Institutions Letter 40-2022 ("FIL 40-2022"), which provided supervisory guidance for state non-member banks and multiple non-sufficient funds ("NSF") fees. FIL 40-2022 and its attached guidance is similar in content to an issue the FDIC highlighted in its March Consumer Compliance Supervisory Highlights.

The FDIC stated that it is issuing the guidance because of its observations in consumer compliance exams where consumers are charged multiple NSF fees for the same transaction when a merchant resubmits the transaction for payment. The FDIC has also observed that some institutions' disclosures did not adequately describe the institution's re-presentment practice. The FDIC stated that such practices could result in being deemed a violation of law in exams as an unfair and/or deceptive practice in violation of Section 5 of the FTC Act.

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