WASHINGTON (4/27/12)--The Credit Union National Association (CUNA) has pushed its own overdraft comment deadline back to May 25 after the Consumer Financial Protection Bureau (CFPB) announced it would collect overdraft comments from credit unions and other interested parties until June 29.
The CFPB launched its comment initiative on Feb. 28 and first intended it to end April 30. CUNA and others earlier this year requested the agency delay the comment deadline by at least 30 days.
CUNA Deputy General Counsel Mary Mitchell Dunn said the delay is a good development and will allow credit unions, leagues and CUNA, along with other interested parties, ample time to develop comments.
The CFPB is seeking information on how financial institutions' overdraft policies and practices affect consumers. The overdraft comments from consumers, the financial services industry, and other interested parties will be used to determine whether new overdraft fee disclosures and rules are needed and to assist with policymaking on overdraft practices. It will also be used to prioritize the CFPB's regulatory and financial education work, the agency said.
Concerned that the CFPB's questions were open ended, CUNA developed its own survey for credit unions to complete, the results of which will be used by CUNA to develop its overdraft comment letter.
In the 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 confidential.
For the CUNA survey, use the resource link.