Alternative needed to adding rules to overdraft protections: CUNA

Alternative needed to adding rules to overdraft protections: CUNA

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr CUNA continues its advocacy efforts after last week’s discussion with the Consumer Financial Protection Bureau (CFPB) about overdraft protections (ODP) and followed up the meeting Thursday with a letter to CFPB staff. CUNA subcommittees traveled to Washington, D.C., last week to discuss regulatory relief with the CFPB and National Credit Union Administration.“As noted by several credit unions during the meeting, credit union members utilize ODP and small dollar loan products in a reasonable and responsible way,” reads CUNA’s letter.“In addition, these loan products and services are often the best financial option for these consumers. We echo the comments of the credit unions at the meeting, and request that the CFPB continue and increase its outreach to credit union members and other consumers in order to gain a complete understanding of how and when these products and services are used,” the letter says.CUNA advocates that the CFPB remains focused on ensuring consumers understand ODP as a service, rather than actual ways to regulate the service. continue reading »last_img

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