12 CFR 1041.7
§ 1041.7 Identification of unfair and abusive practice.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 1041.7, § 1041.7 Identification of unfair and abusive practice, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/49743
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.