Action alert seeks feedback on impact of CFPB overdraft proposal

Feedback on how the CFPB’s overdraft proposal will impact access to financial services for credit unions of all sizes will help America’s Credit Unions in its push for the CFPB to reconsider the proposal. Comments sharing specific concerns and stories will help the bureau understand why consumers opt into regulated overdraft protections.

The proposal would apply Truth in Lending Act provisions to overdraft services. While the proposal would only apply to financial institutions with more than $10 billion in assets, America’s Credit Unions believes it could undermine essential financial services provided by credit unions, particularly those in underserved communities and those looking to make ends meet.

Stakeholders can use the Grassroots Action Center (legacy CUNA members here and legacy NAFCU members here) to submit comments to the CFPB.

Comments are due to the CFPB April 1.


continue reading »