Alert: Class Action Phishing Scheme

The League has recently become aware of a Web site and social media advertisement apparently sponsored by a class action law firm that invites credit union members to contact the law firm if they have been charged an overdraft or NSF fee in connection with use of a debit card.

The Web site is www.creditunionclassaction.com.

The following advertisement has appeared on Facebook:

It is assumed that the law firm is investigating possible violations of the Regulation E disclosure and opt-in requirements for overdraft services found at 12 C.F.R. §1005.7(b).

Please be aware of the efforts by this law firm in case you are contacted by concerned members or volunteers. While there are ethical issues with this approach, it is not illegal per se and a not uncommon tactic utilized by plaintiff class action firms.

We understand the challenges of compliance in an increasingly complex regulatory environment, and we encourage you to contact our Compliance Helpline with any compliance issues, concerns, or questions.