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ARTICLE · 18 FEBRUARY 2015

OCC Takes A Page From The CFPB's Playbook On Overdraft Programs

Morrison Foerster
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On February 11, 2015, the Office of the Comptroller of the Currency ("OCC") issued an "updated" installment to the Comptroller's Handbook in a new booklet entitled "Deposit-Related Consumer Credit."

United StatesFinance and Banking
Oliver Ireland
Oliver Ireland
Ryan Rogers
Ryan Rogers
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On February 11, 2015, the Office of the Comptroller of the Currency ("OCC") issued an "updated" installment to the Comptroller's Handbook in a new booklet entitled "Deposit-Related Consumer Credit." In doing so, the OCC stole a page from the playbook used by the Consumer Financial Protection Bureau ("CFPB") in its notice of proposed rulemaking on prepaid products ("Prepaid Proposal"). (Our client alert on the CFPB's Prepaid Proposal is accessible here.)

Similar to the CFPB's approach of treating overdraft services on prepaid cards as "credit" for purposes of Regulation Z—a move that, if adopted, could regulate prepaid overdraft services out of existence—it appears that the OCC now expects financial institutions it supervises to obtain customer opt in for overdraft services, perform ability-to-repay analysis for those services and establish overdraft fees that are "reasonably correlated to the actual cost" of the service. At least the CFPB's Prepaid Proposal was

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