Payments and Deposit Rules Impacted by COVID-19

The CFPB issued FAQs related to pandemic relief measures for accountholders. The answers clarify that terms of checking, savings, or prepaid accounts can be changed immediately due to the pandemic, if changes are favorable to the consumer. Institutions are reminded of their advance notice obligations if changes are not favorable to the consumer. The Aid describes other types of immediate relief such as fee waivers and proactive outreach, adding a reminder that stop payment orders must be honored. This Compliance Aid does not impose any new or changed regulatory requirements.

The CFPB FAQs may be found here.

More information may be found in The Gold Book sections covering Checking Accounts, Regulation E and Regulation D.