CFPB Extends Overdraft Comment Period
Credit unions have additional time to weigh in on the impacts of overdraft programs on consumers. The Consumer Financial Protection Bureau (CFPB) is extending the Overdraft Notice comment period until June 29. The original deadline was April 30.
In light of the CFPB extension, the Credit Union National Association (CUNA) is also extending its credit union overdraft survey until May 25. CUNA created the survey to gather credit union input on topics listed below:
- Transaction Re-Ordering that Increases Consumer Costs,
- Missing or Confusing Information,
- Misleading Marketing Materials, and
- Disproportionate Impact on Low-Income and Young Consumers.
Click here to access the survey.
CUNA will summarize the survey results and develop draft comments, coordinating with the AACUL Regulatory Advocacy Advisory Committee, other leagues and the CUNA Consumer Protection Subcommittee. CUNA will provide a draft by June 10 and plans to file the comment letter with the CFPB by June 15, which should allow sufficient time to share the letter with members and the credit union trade press and to set up a meeting with the CFPB shortly after the comment period closes to reinforce key points.