CFPB continues to overstep with overdraft
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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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