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Action alert seeks feedback on impact of CFPB overdraft proposal

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Feedback on how the CFPB’s overdraft proposal will impact access to financial services for credit unions of all sizes will help America’s Credit Unions in its push for the CFPB to reconsider the proposal. Comments sharing specific concerns and stories will help the bureau understand why consumers opt into regulated overdraft protections. The proposal would …

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CFPB data shows credit unions offer lower credit card rates 

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Credit card survey data shows that credit unions and smaller banks offer lower interest rates than the 25 largest credit card companies, according to a CFPB report released Friday.  “The CFPB’s new report on the credit card market clearly shows the credit union difference: Credit unions offer more affordable credit solutions to Americans than the …

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CFPB revises process for supervisory appeals

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The CFPB issued a procedural rule Friday updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens CFPB officials eligible to evaluate appeals, options for resolving an appeal, and matters subject to appeal for institutions seeking to appeal a compliance rating or adverse materials finding. The changes in Friday’s updated …

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STATEMENT on CFPB report on credit card interest rates

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“The CFPB’s new report on the credit card market clearly shows the credit union difference: Credit unions offer more affordable credit solutions to Americans than the largest issuers. With better rates and lower annual fees on average, consumers can more easily achieve their best financial lives when they partner with a credit union. This report …

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Shape comments on CFPB NSF fee proposal

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Comments and feedback on the CFPB’s proposal on instantly declined transactions will help America’s Credit Unions shape the discussion and address credit union needs. The latest Regulatory Comment on the proposal was issued Monday with a summary, list of questions for credit unions to consider, and more. The proposal would prohibit financial institutions from charging …

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Seeking CU data, feedback on CFPB overdraft proposal

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The CFPB’s proposal to cap overdraft fees for financial institutions $10 billion in assets or larger could have a major impact on credit unions of all sizes by creating competitive market pressures to reduce or remove fees. America’s Credit Unions issued a Regulatory Comment Tuesday, including a rule summary, potential impact, and key points and …

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CFPB proposal would prohibit NSF fees on transactions declined in real time

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The CFPB proposed a rule Wednesday that would consider non-sufficient funds (NSF) fees for transactions declined in real time to be unlawful under the Consumer Financial Protection Act.  The proposal would prohibit financial institutions from engaging in this practice across all instantaneously declined transactions, regardless of transaction method, including declined debit card purchases, ATM withdrawals, …

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Nussle: CFPB overdraft proposal removes lifeline for many consumers

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The CFPB released a proposal Wednesday that would apply Truth in Lending Act provisions to overdraft services charged by financial institutions with more than $10 billion in assets. America’s Credit Unions strongly opposes efforts to limit the availability of overdraft services and previously wrote to the CFPB that overdraft fees are not junk fees, disclosures …

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STATEMENT on the CFPB’s overdraft rule proposal

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“The CFPB has deliberately exceeded its intended purpose at the expense of the hardworking Americans they claim to protect. Its latest overdraft fee proposal is another devastating blow to working class Americans as it takes away a lifeline many consumers in financial distress rely on to make ends meet. We have worked tirelessly to ensure …

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Senate, House bills would clarify CFPB supervision of insurance

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America’s Credit Unions wrote Senate Banking Committee Ranking Member Tim Scott, R-S.C., and Sen. Joe Manchin, D-W.Va., along with Rep. Bryan Steil, R-Wis., to offer support for their bipartisan Business of Insurance Regulatory Reform Act, which would help to ensure that the CFPB does not expand its authority under the Consumer Financial Protection Act. The …

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