Identification of unfair and abusive practice.

CFR · 2024-01-01 · US · Title 12

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.

official document · source cfr-2024 · id 12:§ 1041.7