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News Now

Washington
CUs have time to be heard on overdraft issues
WASHINGTON (5/23/12)—There is still time for credit unions that wish to share information regarding their overdraft protection programs, and overdraft transfer and marketing practices, to do so through the Credit Union National Association's (CUNA) quick 12-question survey, but they must do so by this Friday, May 25.

The CUNA survey 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.  The responses received through the survey will be critical as CUNA develops its comments to the CFPB on overdraft protection, CUNA Assistant General Counsel Luke Martone said.

CUNA developed the survey in response to a request for information by the Consumer Financial Protection Bureau (CFPB) earlier this year when it announced that it is seeking input from financial institutions and others to help evaluate how those institutions' overdraft policies affect consumers.

The CFPB's overdraft questions are particularly focused on marketing and disclosure of overdraft protection programs and practices 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. The agency will accept comment on overdraft practices until June 29.

For the CUNA survey, use the resource link.


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