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Overdraft Protection Survey Responses Needed by May 22

May
18
Overdraft Protection Survey Responses Needed by May 22

Credit union leaders are meeting with representatives from the Consumers Financial Protection Bureau (CFPB) during Missouri Hike the Hill on June 8. 

Your credit union’s input is needed to help illustrate how overdraft protection (ODP) operates at credit unions in Missouri and how consumers using credit unions want the ODP option available to them.

Posted By Nora Holloway read more

CFPB Takes Enforcement Action on Overdraft Protection Practices

May
05
CFPB Takes Enforcement Action on Overdraft Protection Practices

The Consumer Financial Protection Bureau (CFPB) took its first enforcement action against a financial institution’s overdraft practices on April 28.  Regions Bank was fined $7.5 million and was required to refund approximately $49 million to customers who were charged overdraft fees and had not opted-in for overdraft coverage. 

The CFPB found that the financial institution:

Posted By Halley Hayden read more

CFPB Overdraft Protection Rulemaking Delayed: Missouri Input Requested

Dec
01
CFPB Overdraft Protection Rulemaking Delayed: Missouri Input Requested

The Consumer Financial Protection Bureau (CFPB) has delayed several rulemakings, including one concerning overdraft protection (ODP). Initially, the CFPB was expected to provide a proposed rule affecting ODP in February 2015.  The ODP rulemaking is now anticipated on the docket for July 2015. 

Posted By Halley Hayden read more

CUNA Advocacy Report: May 14

May
14
CUNA Advocacy Report: May 14

The latest CUNA Regulatory Advocacy Report is available and covers:

Posted By Sharon Bahr read more

Missouri Credit Unions Urged to Weigh In on Overdraft Protection

May
11

Missouri Credit Unions Urged to Weigh In on Overdraft Protection
Survey Responses Due May 25

The overdraft protection issue is being raised again – both by Congress and by the Consumer Financial Protection Bureau (CFPB).  Credit unions nationwide are asked to take part in a national survey to address these concerns.

Posted By Amy McLard read more

Send Comments to CFPB About Overdraft Protection Programs

Mar
05
Send Comments to CFPB About Overdraft Protection Programs

Missouri credit unions have an opportunity to weigh in on overdraft protection programs with the Consumer Financial Protection Bureau (CFPB).  The Bureau is asking for information regarding overdraft programs and their costs, benefits and risks to consumers.  In addition to financial institutions, consumers and third party processors are also being asked to share their comments. The CFPB states that it plans to use the information to evaluate any potential consumer protection issues raised by overdraft programs

Posted By Amy McLard read more
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