Financial services trade groups are warning Consumer Financial Protection Bureau Director Rohit Chopra that before the bureau issues its long-awaited proposed rules governing overdrafts and non-sufficient fees, the agency must conduct a detailed analysis of the plan’s impact on small businesses.
That analysis must include the convening of a panel of small financial institutions that would be affected by the rule, the groups wrote in a letter to Chopra on Wednesday. They claim the CFPB cannot issue the proposed rules until the panel issues a report.
The letter was signed by America’s Credit Unions, the new trade group formed when the Credit Union National Association and the National Association of Federally-Insured Credit Unions merged. The letter also was signed by the American Bankers Association and the Independent Community Bankers of America.
The CFPB said in its Fall update to its regulatory agenda that it intends to issue rules governing how overdraft and non-sufficient fee programs operate, in an effort to ensure that financial institutions are not overcharging or deceiving consumers.
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