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Overdraft and NSF fee litigation resources

Overdraft and Non-Sufficient Funds (NSF) Fee lawsuits have plagued the financial services industry over the last few years and now, more than ever, credit unions are being targeted.  Plaintiff attorneys are aggressively seeking credit union members via websites and social media outlets.  These lawsuits cause reputational harm, not only to impacted credit unions, but to our industry as a whole.  And if successful, damages can be significant. 

HCUA has been working to educate credit unions on this issue.  A couple of examples of this are referred to in this newsletter -- the Overdraft & NSF Fees Litigation White Paper and this topic being covered at our Regional Compliance Updates. 

In addition to HCUA’s efforts, many others in our industry, such as CUNA Mutual Group, have also been working to educate credit unions on this issue.

Although many of CUNA Mutual Group’s resources are specifically designed for their Bond policyholders, a couple of their resources are being made available more broadly and have been posted to the Compliance Forms & Resources page of our website.  Note:  Your username and password for HCUA’s website are required. 

A multitude of additional CUNA Mutual Group resources are available to Bond policyholders via their Protection Resource CenterNote:  Your username and password for CUNA Mutual Group’s website are required.  

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