In this alert, Winston’s Financial Services Industry Group examines recent developments in debanking, focusing on two new OCC bulletins that clarify regulatory expectations. While these bulletins provide new insight into how the OCC is addressing debanking under the current administration, they also leave several important questions unanswered.

The OCC’s first bulletin addresses how politicized or unlawful debanking will factor into licensing applications and Community Reinvestment Act evaluations, emphasizing the importance of fair access and treatment. The second bulletin reminds banks of their obligations under the Right to Financial Privacy Act, particularly in light of recent congressional scrutiny, and underscores the need to protect customer financial records unless disclosure is legally required.

What does this mean for you? 

The FTC’s much-anticipated “Click to Cancel” Rule was nixed, but the FTC is not backing down. The FTC continues to use Section 5 of the FTC Act and various other regulations to bring enforcement actions against companies that fail to provide clear and conspicuous disclosures about recurring charges and easy-to-cancel options for consumers. 

Overdraft fees have been a persistent concern for lawmakers and regulators since the rise of electronic banking in the late 20th century.