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ARTICLE · 03 FEBRUARY 2025

NYDFS Proposals Target Overdraft Fees

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The New York Department of Financial Services (NYDFS) has proposed amendments to 3 NYCRR Parts 32 and 6 (Proposed Rule)...

United StatesFinance and Banking
Stephen Aschettino
Stephen Aschettino
Tarrian Ellis
Tarrian Ellis
Andrew Owens
Andrew Owens
Benjamin Saul
Benjamin Saul

The New York Department of Financial Services (NYDFS) has proposed amendments to 3 NYCRR Parts 32 and 6 (Proposed Rule), which introduce stringent requirements governing overdraft and insufficient funds (NSF) fees. These changes, part of Governor Hochul's consumer protection initiative, represent a critical shift in state-level regulation as the Consumer Financial Protection Bureau (CFPB) withdraws its national overdraft fee rule given the new federal administration. This state-led approach may signal broader trends in consumer financial protection.

These measures underscore states' potential to create consumer protection mechanisms in the absence of robust federal action. Financial institutions must anticipate these developments and align their operations with evolving state mandates.

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