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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.


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