December 8, 2017 / 12:31 AM / 10 months ago

Credit union seeks CFPB records to defend overdraft lawsuit

Michigan-based credit union Advia has asked a court in Washington D.C. to order the Consumer Financial Protection Bureau to turn over records that Advia says it needs to defend itself against a $40 million lawsuit regarding its overdraft practices.

In a court filing on Wednesday in U.S. District Court for the District of Columbia, lawyers for Advia at Shearman & Sterling said the evidence will show that it adequately disclosed its overdraft policies by using a model form approved by the CFPB. The use of that form makes Advia immune from plaintiffs’ claims that it violated the U.S. Electronic Fund Transfer Act (EFTA) by failing to make proper disclosures about its overdrafts, the lawyers said.

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