Fees for Instantaneously Declined Transactions

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Consumer Financial Protection Bureau 12 CFR Part 1042 [Docket No. CFPB-2024-0003] RIN 3170-AB16 AGENCY: Consumer Financial Protection Bureau. ACTION: Proposed rule; request for public comment. SUMMARY: 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. DATES: Comments must be received on or before March 25, 2024. ADDRESSES: You may submit comments, identified by Docket No. CFPB-2024-0003 or RIN 3170-AB16, by any of the following methods: Federal eRulemaking Portal: https://www.regulations.gov . Follow the instructions for submitting comments. A brief summary of this document will be available at https://www.regulations.gov/​docket/​CFPB-2024-0003 . Email: 2024-NPRM-NSF@cfpb.gov . Include Docket No. CFPB-2024-0003 or RIN 3170-AB16 in the subject line of the message. Mail/Hand Delivery/Courier: Comment Intake—2024 NPRM Fees for Instantaneously Declined Transactions, c/o Legal Division Docket Manager, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. Instructions: The CFPB encourages the early submission of comments. All submissions should include the agency name and docket number or Reg…