WASHINGTON (6/11/13)--The Consumer Financial Protection Bureau has released its report on overdraft protection plans, and while the report--embargoed until midnight this morning--expresses concern about the ability of consumers to avoid overdraft costs, it does not recommend regulatory changes or changes to business practices.
The bureau used more than 1,000 consumer-submitted comments, and its own data research, to compile the report.
Current checking account issues, information on opt-in rates and disclosures are also discussed in the CFPB release.
The Credit Union National Association is studying the report this morning. Watch News Now
for a live update on its contents.
CUNA will clarify the following points, and more, with the CFPB:
Did the study include credit unions? If so, how many? How many banks?
When does CFPB plan to target its next study, which will be on micro data?
Following that, are there additional plans in the works on these programs?