CFPB continues to overstep with overdraft

We submitted comments this week strongly opposing the CFPB’s latest proposal on overdraft fees, calling on the bureau to rescind the proposal or exempt credit unions entirely (which the Dodd-Frank Act permits it to do).

This proposal’s limits on overdraft services will harm consumers that rely on these value-based services they choose to opt into, decreasing access and raising the cost of financial services.

The proposal also:

• Exceeds the CFPB’s statutory authority by misapplying provisions to overdraft and impermissibly expanding definitions to bend the rule to fit its needs;

 

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