September 29, 2014

The Honorable Janet L. Yellen, Chairwoman Board of Governors regarding the Federal Reserve System Street that is 20th and Ave., NW Washington DC 20551

The Honorable Richard Cordray, Director Customer Financial Protection Bureau 1700 G Street NW Washington, DC 20552

The Honorable Tom Curry, Comptroller workplace regarding the Comptroller of this Currency 250 E Street SW Washington, DC 20219

The Honorable Martin Gruenberg, Chairman Federal Deposit Insurance Corporation 550 seventeenth Street Northwest Washington, DC 20429

The Honorable Debbie Matz, Chairwoman Nationwide Credit Union Management 1775 Duke Street Alexandria, VA 22314-3428

Jan Estep, President and leader Officer NACHA — The Electronic Payments Association 13450 Sunrise Valley Drive, Suite 100 Herndon, VA 20171

Re: RDFIs’ duties to customers stop-payment that is regarding, unauthorized fees, associated costs, and sales to shut accounts

Dear Chairwoman Yellen, Director Cordray, Comptroller Curry, Chairman Gruenberg, Chairwoman Matz and President Estep:

The undersigned teams compose to inquire of you to definitely make a plan to handle systematic issues that customers have actually making use of their banking institutions if the customer tries to stop preauthorized along with other re payments, to avoid or reverse unlawful or unauthorized fees, or even shut their account. These issues usually arise into the context of preauthorized re re re payments for pay day loans or even for products or solutions that want recurring re payments, such as for instance gymnasium subscriptions or clubs that are online. Men and women have frequently found that their standard bank does not honor demands to end re payment of recurring payments; has insufficient systems for applying stop-payment

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