CUNA statement on CFPB overdraft prototypes
WASHINGTON, DC (August 4, 2017) — CUNA President and CEO Jim Nussle issued a statement on the Consumer Financial Protection Bureau releasing overdraft disclosure prototypes following an agency report that included limited research on only the nation’s largest banks:
“The CFPB conducted an overdraft study of only the largest banks, yet makes assumptions about a service that consumers at not-for-profit, member owned credit unions continue to seek as an option. Once again, the CFPB seems to not understand that creating broad sweeping policy from one-size-fits-all analysis of the largest Wall Street banks is a disservice to America’s credit unions and the millions of members that rely on them for free checking, and the many other high-quality products and services they provide.”
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.