Fees for Instantaneously Declined Transactions
Abstract
The Consumer Financial Protection Bureau (CFPB) is proposing to prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined. Charging such fees would constitute an abusive practice under the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts or practices.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Other Rules from CFPB
Frequently Asked Questions
What is the 2024-01688 Federal Register document?
Document 2024-01688 is a Proposed Rule published by the Consumer Financial Protection Bureau in the Federal Register on January 31, 2024. The Consumer Financial Protection Bureau (CFPB) is proposing to prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined. Charging such fees would constitute an abusive practice under the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts or practices. View the original at https://www.federalregister.gov/documents/2024/01/31/2024-01688/fees-for-instantaneously-declined-transactions.
Is document 2024-01688 an economically significant rule?
No. Document 2024-01688 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.