Court grants consumer group motion to intervene in overdraft challenge
The U.S. District Court for the Southern District of Mississippi granted a motion to intervene from a consumer group in America’s Credit Unions’ challenge to the CFPB’s overdraft rule. This order provides a 14-day period for the consumer groups to challenge the lawsuit. This means the court challenge will proceed.
America’s Credit Unions challenged the rule immediately after it was finalized in October. In January, 18 state leagues and associations filed an amicus brief in support of the challenge.
America’s Credit Unions will continue to oppose the CFPB’s overdraft rule in court. The organization also supports Congressional efforts to overturn the rule via the Congressional Review Act, and the House Financial Services Committee is expected to mark up its resolution starting Thursday.