Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA Reviews Overdraft Issues At CFPB Meeting
WASHINGTON (6/26/13)—The Credit Union National represented member credit unions Tuesday at a roundtable discussion on overdraft issues at the Consumer Financial Protection Bureau headquarters here.

In a report released last month, the bureau expressed concern about the ability of consumers to avoid overdraft costs, but did not recommend regulatory changes or changes to business practices. CUNA Senior Assistant General Counsel for Regulatory Advocacy Luke Martone represented CUNA at yesterday's meeting.

Current checking account issues, information on opt-in rates and disclosures were among the issues also discussed in the CFPB report, which was compiled from more than 1,000 consumer-submitted comments and other data research.

The report focuses on large bank practices and that no credit unions were directly studied by the CFPB. However, the report does include information voluntarily submitted by credit unions or their vendors in response to the bureau's request for information preceding the report.

CUNA has repeatedly stressed that overdraft protection and 'courtesy pay' are designed by credit unions to be a service to their consumer members, who have asked that they have continued access to such programs.

"Given that credit unions are member-owned financial services providers, credit unions strive to develop these programs in such a way the costs can be covered for the programs, but at reasonable fees for the members requesting the service. We believe credit unions should continue to have that flexibility to meet their members' needs," CUNA President/CEO Bill Cheney said last month.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago