NAFCU supports CFPB review of 2009 overdraft rule
WASHINGTON, DC (May 15, 2019) — The National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement after the Consumer Financial Protection Bureau (CFPB) announced plans to review its 2009 overdraft rule:
“As member-owned financial institutions, credit unions have responsible overdraft programs in place to help their members meet their financial needs and day-to-day expenses,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “Credit unions have long been heralded as a consumer-friendly lending option, and their overdraft products are often coupled with free financial education and counseling services to fully inform their members about the benefits and use of overdraft products. We appreciate the CFPB reviewing the impact of its regulations on credit unions and other small entities, and we will continue to work with the Bureau to protect consumers while examining ways to cut red tape.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.