Fee litigation trending in Ohio
Published by: Sean Brown
September 4, 2024 | Regulatory
As the evolving regulatory burden and increasingly complex business climate pose significant litigation risks for credit unions, the Ohio Credit Union League scans the legal horizon to protect credit union interests. Most recently, the League became aware of a string of overdraft fees, nonsufficient funds fees, and representment cases coordinated by the same few law firms. Moreover, many of these cases are nearly identical to this case out of Clermont County. These cases began in California earlier this year and have appeared to move across the credit union system over the last few months. The League is in contact with the credit unions involved and will continue to provide updates when pertinent. Let these cases serve as a good reminder to: review and update your member agreements; review your fee schedules; review your fee policies and applications; and consider the implementation of an arbitration or mediation agreement.
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