29, 2014 september
The Honorable Janet L. Yellen, Chairwoman Board of Governors associated with the Federal Reserve System twentieth Street and Constitution Ave., NW Washington DC 20551
The Honorable Richard Cordray, Director Customer Financial Protection Bureau 1700 G Street NW Washington, DC 20552
The Honorable Tom Curry, Comptroller workplace associated with Comptroller for the Currency 250 E Street SW Washington, DC 20219
The Honorable Martin Gruenberg, Chairman Federal Deposit Insurance Corporation 550 17th Street Northwest Washington, DC 20429
The Honorable Debbie Matz, Chairwoman Nationwide Credit Union Management 1775 Duke Street Alexandria, VA 22314-3428
Jan Estep, President and leader Officer NACHA — The Electronic Payments Association 13450 Sunrise Valley Drive, Suite 100 Herndon, VA 20171
Re: RDFIs’ duties to customers stop-payment that is regarding, unauthorized costs, associated costs, and sales to shut records
Dear Chairwoman Yellen, Director Cordray, Comptroller Curry, Chairman Gruenberg, Chairwoman Matz and President Estep:
The undersigned teams compose to inquire of one to do something to handle systematic conditions that customers have actually with regards to banking institutions if the customer tries to stop preauthorized as well as other payments, to avoid or reverse illegal or unauthorized fees, or even shut their account. These issues usually arise within the context of preauthorized re re re payments for pay day loans or even for products or solutions that want recurring re re re payments, such as for instance gymnasium subscriptions or online groups. Continue reading “Comment Letter to Federal Banking Regulators, on Unauthorized Debits by Payday Lenders”