12 C.F.R. § 1041.7
Identification of unfair and abusive practice
It is an unfair and abusive practice for a lender to make attempts to withdraw payment from consumers' accounts in connection with a covered loan after the lender's second consecutive attempts to withdraw payments from the accounts from which the prior attempts were made have failed due to a lack of sufficient funds, unless the lender obtains the consumers' new and specific authorization to make further withdrawals from the accounts.
Notes of Decisions
Cited in 1
case (1 in the last 5 years), 2022–2022 · leading case: Cmty Fin Assoc America v. CFPB
Cmty Fin Assoc America v. CFPB (2022)
“” 12 C.F.R. § 1041.7 ; see also 82 Fed. Reg.”
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