August 28, 2019 / 1:34 AM / 24 days ago

11th Circuit revives would-be class action over credit union's overdraft fees

U.S. banking law offers financial institutions no safe harbor from allegations that their overdraft policies are unclear or misleading, a federal appeals court held on Tuesday in a case of first impression.

The 11th U.S. Circuit Court of Appeals overturned the 2017 dismissal of a potential class action against Georgia-based LGE Community Credit Union, saying a federal judge in Atlanta erred in ruling that the safe-harbor provision of the Electronic Fund Transfer Act applied because the credit union had used a model form provided by the Federal Reserve Board.

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