By Sarah Jarvis (April 1, 2022, 8:08 p.m. EDT) – The Federal Deposit Insurance Corp. said some of the biggest consumer compliance issues its reviewers identified last year involved automated overdraft programs and fair lending, among other things, according to a new report.
In the latest edition of Consumer Compliance Supervisory Highlights, released Thursday, the FDIC said several of the state-chartered banks and savings it oversees have converted their automated overdraft programs from having “static” limits to “dynamic” limits. While static limits are typically determined when a customer opens an account and change infrequently, dynamic limits vary for each customer and may change periodically “based on a customer’s usage or relationship…
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