Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA releases 12-question CU overdraft survey
WASHINGTON (4/23/12)—The Credit Union National Association (CUNA) is asking credit unions to share information regarding their overdraft protection programs, and overdraft transfer and marketing practices, through a short, 12-question CUNA survey.

CUNA developed the survey in response to an action by the Consumer Financial Protection Bureau (CFPB) earlier this year when it distributed questionnaires to financial institutions to help evaluate how those institutions' overdraft policies affect consumers.

In the CUNA survey, CUNA asks for basic information on the credit union's asset size, and what types of overdraft programs are offered to members.

More specific questions addressing how members are made aware of available overdraft protection programs and how members are alerted to the possibility that a transaction may trigger an overdraft fee are also among the survey questions.

The CUNA survey does not collect any identifying information, and credit union participation will be strictly anonymous. Responses must be received by CUNA by April 27.

The CFPB's overdraft project is particularly focused on addressing the practice of re-ordering purchases and payments to maximize overdraft fee charges, on whether consumers can anticipate and avoid overdraft fees, and on how differences in the way institutions explain and promote overdraft programs may affect opt-in rates.

The CFPB has said it plans to use overdraft comments from consumers, the financial services industry, and other interested parties to craft new overdraft fee disclosures and rules, assist with policymaking on overdraft practices, and to prioritize the bureau's regulatory and education work.

For the CUNA survey, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
7 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
7 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
10 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
11 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
13 hours ago