CUNA compliance and advocacy staff joined CUNA Mutual Group and the Illinois Credit Union League Thursday for a town hall meeting on overdraft rules and regulations. CUNA Chief Compliance Officer Jared Ihrig and Senior Director of Advocacy and Counsel Alexander Monterrubio, with CUNA Mutual staff, gave updates on current litigation and discussed future trends, enforcement actions and best practices to ensure compliance with applicable laws and regulations.
“Dealing with frivolous overdraft lawsuits and demand letters has become another unexpected and frustrating challenge this year for many credit unions in Illinois and across the country. The Illinois League was pleased to use our Town Hall webinar for our great partners at CUNA Mutual Group and CUNA to share their knowledge on the topic of overdraft litigation,” said Tom Kane, president/CEO of the Illinois Credit Union League. “We hope the information conveyed by these experts will keep our credit unions from being victimized by aggressive law firms more interested in making a quick settlement than actually helping members.”
Illinois credit unions are among credit unions around the country that have seen an uptick in concerns about overdraft rules, and the Illinois League moved to set up an online forum. An August survey conducted by the Illinois League found that many credit unions were interested in attending a discussion on the topic
The Illinois League previously worked to provide credit unions with guidance by issuing Regulatory Alerts in 2018, 2019 and 2020.