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News Now

Washington
CFPB Overdraft Report Doesn't Suggest Rule Changes
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?


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