AG Seeks to Protect Consumers from High Overdraft Fees

AG Seeks to Protect Consumers from High Overdraft Fees

by | Apr 9, 2025 | Regional News

Michigan Department of Attorney General Press Release banner

FOR IMMEDIATE RELEASE:
April 9, 2025

Media Contact:
Danny Wimmer

AG Nessel Seeks to Protect Consumers from High Overdraft Fees

LANSING – Michigan Attorney General Dana Nessel has joined a coalition of 22 attorneys general in sending a letter (PDF) to the leadership of the U.S. House of Representatives and the House Financial Services Committee urging the House to vote against House Joint Resolution 59, which would overturn a final rule issued by the Consumer Financial Protection Bureau. The rule, set to take effect on October 1, 2025, is designed to limit the ability of large financial institutions to impose excessive overdraft fees. Attorney General Nessel and the coalition argue the CFPB’s rule is a much-needed check on abusive and deceptive practices that allow major banks to profit from consumers’ financial hardships.

On December 12, 2024, the CFPB issued the final rule amending Regulations Z (Truth in Lending Act) and E (Electronic Funds Transfer Act). The rule requires large financial institutions with more than $10 billion in assets to cap overdraft fees at $5 or the amount that would cover the bank’s actual costs from providing overdraft protection.

Overdraft fees are a major profit center for banks, accounting for about $5.8 billion in revenue in 2023. In the letter, the coalition argues repealing the rule would allow large financial institutions to continue charging average overdraft fees of $35, even though the majority of consumers’ overdrafts are for less than $26 and are repaid within three days—translating to pricing in annual percentage rate (APR) terms of over 16,000%. The coalition also highlights how some banks manipulate the timing of deposits and withdrawals to maximize fees, charging customers even when they have enough money for an approved transaction. Attorney General Nessel argues that practice creates hurdles for consumers to maintain a positive account balance, while also contributing to involuntary account closures, driving consumers out of the banking system altogether, and damaging their credit.

“Excessive overdraft fees are predatory, causing unnecessary burdens for consumers,” Nessel said. “This critical CFPB rule ensures that these fees are proportionate and transparent. Rejecting such a rule is just another attempt to undermine the vital work of the CFPB, which has always been in the corner of Michiganders, protecting them from deceptive fees, predatory loans, and shady financial schemes and putting money back in the pockets of hard-working families.”

Attorney General Nessel recently joined other attorneys general in filing two amicus briefs to defend the CFPB after the Trump administration told employees to stop working on cases investigating deceptive and abusive conduct by companies. Since its creation, the CFPB has helped millions of Americans by assisting homeowners facing foreclosure stay in their homes, stopping banks from charging junk fees, and returning more than $20 billion to the pockets of consumers. To raise awareness about the agency’s impact, Attorney General Nessel released a video about the threats facing the CFPB and joined former CFPB Director Rohit Chopra to discuss the impact of the Bureau’s ongoing shutdown on Michiganders.

Joining Attorney General Nessel in sending this letter are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawai’i, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia. The Hawai’i Office of Consumer Protection also joined the coalition.
State of the Township Address: April 10th at Woodside Bible Church

State of the Township Address: April 10th at Woodside Bible Church

by | Apr 9, 2025 | Local News

You are cordially invited to attend the annual State of the Township Address with Supervisor Chris Barnett. Hear firsthand about the progress of our Township, upcoming initiatives, and the vision for the future.

Date:  Thursday, April 10

Time:

  • Doors Open: 6:30 PM
  • Presentation Begins: 7:00 PM
  • Reception to Follow: 8:00 PM

Location: Woodside Bible Church, 2500 Joslyn Road, Lake Orion, MI 48360

Following the presentation, we invite you to stay for a reception where you can connect with Supervisor Barnett, township officials, and fellow residents. We are please to feature a taste of Orion generously provided by:

  • Culver’s
  • Palazzo di Bocce
  • Jet’s Pizza – Lapeer Road
  • Bad Brad’s BBQ
  • Ignite Tavern
  • Texas Roadhouse
  • Nothing Bundt Cakes
  • Sprout Bake

Huge thank you to Ed’s Broadway Gift & Costume for generously providing costumes as well.

We look forward to seeing you there!

This email is a paid message as part of the Chamber’s Dedicated E-Blast Program, and is a benefit of Chamber membership. Messages distributed through the e-blast program do not represent an endorsement by the Orion Area Chamber of Commerce. The Chamber reserves the right to refuse any advertisements. If you are interested in sending an e-blast, please contact the Chamber office.

This email is a paid message as part of the Chamber’s Dedicated E-Blast Program, and is a benefit of Chamber membership. Messages distributed through the e-blast program do not represent an endorsement by the Orion Area Chamber of Commerce. The Chamber reserves the right to refuse any advertisements. If you are interested in sending an e-blast, please contact the Chamber office.
Sermo leaves Berkley on a high note

Sermo leaves Berkley on a high note

by | Apr 8, 2025 | Feature Writers, High School Sports

Sermo leaves Berkley on a high note.

Written Monday April 7th at 6:30 PM

Berkley will have a new boys basketball coach next winter.

Bears Coach Joe Sermo has stepped down after ten years coaching the program he played for and was an assistant for five years and 15 years overall with the program.

“This was a really tough decision but I’m at peace with it, I am grateful for the opportunity to lead a program that was a big part of my upbringing. Coaching basketball is a way for me to feed my inner competitive spirit but I quickly learned that there was more to just winning basketball games. The ability to impact so many young lives was what this was all about. The relationships built over the past 15 years at Berkley High School have made me a better person. Thank you to the numerous assistant coaches on my staff over the years, and the wonderful Athletic Directors (Lori, Taylor, and Matt) that I’ve worked under. The Athletic Trainer (Jess), Teachers, and administrators, BHS Boosters, Students, Parents, Fans, my wife, sons, and family members that have been so supportive of me. I will miss competing against the great coaches that I have the honor of being in this coaching fraternity with” Sermo said on X.

Sermo was 94-96 in his ten years coaching his Alum school.

“My goal was to leave the program in a better place when I first inherited it in 2016, I’m confident we have done just that and now Berkley Boys Basketball will be ready for the next leader to put their stamp on this wonderful, prideful program. Change is healthy. I’m excited to be in the stands as a fan and as a dad next winter rooting on Sam, Drew, and their teammates. Thank you all and God Bless” Sermo concluded on X.

“Joe it was great competing against your teams during our games. You always conduced yourself with class and your teams played hard. Best wishes moving forward and wish your sons well as they continue their high school careers” said former Farmington and Southfield Arts and Tech coach Terrance Porter on X.

Sermo went 6-18 this season falling to Royal Oak in the district semifinals. Berkley will have Ries Tuttle, AJ Green, Sam Sermo, and Drew Sermo coming back for the new coach. It will be really interesting to see who takes over the Bears next season.

I’ll have my thoughts on the podcast on Tuesday.

Stay tuned to OAA Now for the latest on this developing story.

Sermo tweet.

https://x.com/Berkleybball1/status/1909365715565752470

Oakland County Launches Tech Collaboration

Oakland County Launches Tech Collaboration

by | Apr 8, 2025 | Regional News

Oakland County Launches Tech Collaboration Featuring Keystone Companies to Strengthen Regional Innovation

Post Date:04/08/2025 2:15 PM
  • The Oakland County Tech Collaboration is an ecosystem of tech companies, innovators, suppliers, academic institutions and county government creating connections and spurring economic growth in robotics integration, IT and computer services, research, engineering and design.
  • Five of the county’s largest tech firms have taken on the role of “Keystone company” to strengthen the tech ecosystem: FANUC America, HTC Global Services, JR Automation, OneStream, and RGBSI. Learn more here: https://youtu.be/u0omSoGZ5L8.
  • The Oakland County Tech Collaboration will host a series of tech collaboration events. For more click on oakgov.com/octechcollaboration.

Pontiac, Mich. – Oakland County has launched the Oakland County Tech Collaboration, a strategic initiative aimed at supporting and accelerating the growth of the county’s technology ecosystem powered by Oakland County Economic Development Business Retention & Growth unit.

“Oakland County is taking bold steps to establish itself as a national leader in technology innovation by strengthening our strategic focus on research, engineering and design, IT/computer services and robotics integration,” County Executive Dave Coulter said.

The Oakland County Tech Collaboration is an ecosystem of tech companies, innovators, suppliers, academic institutions and county government working to create connections, strengthen the ecosystem and spur economic growth in these key areas:

  • Research, Engineering, and Design
  • IT and Computer Service
  • Robotics Integration

These industries are pivotal to establishing Oakland County as a competitive technology hub. Five of the county’s largest tech firms have taken on the role of “Keystone company” to strengthen the tech ecosystem.

The Keystone Companies, including FANUC America, HTC Global Services, JR Automation, OneStream, and RGBSI, represent a wide array of expertise in these industries, from cutting-edge research and product design to AI and advanced IT software solutions. Their collective efforts will support the retention and expansion of the tech industry, attract new talent, and foster a collaborative environment that nurtures innovation and attracts new investments.

“These Keystone Companies are not only leaders in their fields but are committed to building a thriving tech ecosystem that will create new jobs, attract investment and ensure our region’s continued economic growth,” Coulter said.

The Oakland County Tech Collaboration will host a series of events, such as the Edu2B Tech Collaboration Series connecting business with higher education resources and opportunities at the university level connecting small tech companies to larger tech companies. Those events are scheduled as follows:

  • April 17 at Lawrence Technological University, Southfield
  • Sept. 18 at Walsh College, Troy
  • Nov. 6 at Oakland Community College, Auburn Hills

For more information about the Oakland County Tech Collaboration and upcoming events, please visit oakgov.com/octechcollaboration.

“Our focus on strengthening these three key industries is essential to the continued success of our regional economy,” said Greg Doyle, manager of Business Retention & Growth for Oakland County. “By bringing together top businesses in IT, computer services, research, engineering, and design, and robotics, we’re creating a dynamic environment for innovation and fostering the kind of partnerships that will drive economic growth for years to come.”

About Oakland County

Oakland County, located in southeastern Michigan, is a vibrant hub for innovation, research, technology, and manufacturing. With a strong focus on advancing industries such as IT/computer services, robotics, and engineering, Oakland County is committed to becoming a leading technology region in the U.S., offering businesses the tools, talent, and resources needed to thrive.

AG Nessel Issues New Consumer Alert on Bitcoin ATMs

AG Nessel Issues New Consumer Alert on Bitcoin ATMs

by | Apr 8, 2025 | Regional News
Michigan Department of Attorney General Press Release banner

FOR IMMEDIATE RELEASE:
April 8, 2025

Media Contact:
Danny Wimmer

AG Nessel Issues New Consumer Alert on Bitcoin ATMs

LANSING – Today, Michigan Attorney General Dana Nessel issued a new consumer alert warning residents of scammers using Bitcoin ATMs to defraud unsuspecting victims.

“Because money sent through Bitcoin ATMs is nearly impossible to recover and these machines lack oversight and regulation, they have become an attractive option for criminals engaged in fraud and money laundering,” Nessel said. “Staying informed can protect consumers from falling victim.”

A common Bitcoin ATM scam targeting older adults involves a fraudulent message or phone call. The call might be from someone claiming to be with Apple, Google, or another well-known company, or even law enforcement. The scammer tells the victim that their financial accounts have been compromised. The call recipient is told they need to take immediate action to prevent unauthorized transactions on their account. If the scammer is pretending to be from a law enforcement agency, they may even threaten the victim with criminal prosecution or jail time if the victim doesn’t pay a fine right away.

Victims are then instructed to withdraw large amounts of cash from their bank accounts. They are told to deposit the funds into a Bitcoin ATM. The cash is inserted and converted into Bitcoin. The victim is directed to scan and send a receipt or QR code to the scammer. The moment that transaction is completed, the money is gone —permanently. Traditional bank transfers, wire transfers, or credit card transactions have fraud prevention measures. These measures provide customer protection or financial institution safeguards to stop or reverse the transfer. That is not the case with Bitcoin ATM transactions.

Bitcoin ATMs lack oversight and regulation. For this reason, they are widely used for scamming and money laundering. Some consumers may attempt to use them for legitimate transactions. However, they often come with very high fees. The fees make them an inefficient and costly way to buy cryptocurrency. It’s safer and cheaper to convert cash to cryptocurrency through a licensed and regulated online exchange.

Without regulation, victims of Bitcoin ATM scams have no meaningful consumer protections. Financial institutions have fraud prevention departments that monitor transactions. Banks can file suspicious activity reports (SARs) to investigate potential fraud. Unfortunately, Bitcoin ATMs operate outside these safeguards. They allow scammers to steal money quickly and anonymously.

To avoid becoming a victim of a Bitcoin ATM scam, remember these key points:

  • No legitimate company or government agency will ever ask you to deposit money into a Bitcoin ATM. If someone makes such a request, it’s a scam.
  • Beware of urgent requests. Scammers create a sense of urgency to prevent victims from thinking critically about the request.
  • Do not trust caller ID. Fraudsters can spoof phone numbers to make it appear as though they are calling from a trusted source.
  • Never download unknown software or grant remote access to your devices. This can allow scammers to take control of your personal information.
  • Talk to your bank before making large withdrawals. If you’re instructed to move money in an unusual way, seek advice first.
  • If you believe you have been targeted by a scam, report it immediately. Scams can be reported to the Michigan Attorney General’s Consumer Protection Team and local law enforcement.

To file a complaint with the Attorney General or get additional information, contact:

Consumer Protection Team
P.O. Box 30213
Lansing, MI 48909
517-335-7599
Fax: 517-241-3771
Toll-free: 877-765-8388
Online complaint form
Sermo leaves Berkley on a high note

Porter steps down in Southfield

by | Apr 7, 2025 | Feature Writers, High School Sports

Porter steps down in Southfield.

 Written Thursday April 3rd at 8:33 PM

There will be a new boys basketball coach in Southfield this winter.

Terrance Porter has stepped down at Southfield Arts and Tech after three seasons coaching the Warriors. The former Farmington Falcons coach went 20-50 in his three years with the Warriors.

The D-Zone confirmed the news.

Porter has been having a tough time with the program going 10-36 in the last two seasons. Southfield Arts and Tech has been up and down when it comes to program strength.

It will be really interesting to see who replaces Porter at Southfield Arts and Tech.

Stay tuned to OAA Now for the latest on this developing story.

The D-Zone Tweet

https://x.com/TheDZoneBBall/status/1907934320242937905