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 …
Seeking CU data, feedback on CFPB overdraft proposal Read More »
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 …
Nussle: CFPB overdraft proposal removes lifeline for many consumers Read More »
“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 …
