CFPB, Federal Agencies, State Agencies, and Attorneys General
Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule.
In calling for overdraft fee limits, Ms. Maloney referenced the report issued by the CFPB this past July which found a median overdraft fee of $34 and a median amount of debit card transactions leading to an overdraft fee of $24. … Continue Reading
Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013, the CFPB issued a white paper reporting its initial data findings on overdraft programs.)… Continue Reading
The Independent Community Bankers of America (ICBA) wants to limit the application of a new Call Report requirement for banks to include a breakdown of their income from service charges on consumer deposit accounts.
In a notice published in the Federal Register on January 14, 2014, the Fed, FDIC and OCC (Agencies) announced that they are proposing to seek approval from the Office of Management and Budget for the new reporting requirement which would become effective March 31, 2015 for institutions with $1 billion or more in total assets that offer consumer deposit products. … Continue Reading
The American Bankers Association has sent a letter to the CFPB responding to the CFPB’s June 2013 white paper reporting its initial data findings on overdraft programs. When the paper was issued, we observed that regulation by the CFPB seemed likely and commented that it would require considerable thought and creativity for the CFPB to appropriately protect consumers without depriving them of valuable overdraft services or unduly impairing bank revenues.… Continue Reading
Yesterday, just after midnight, the CFPB released its initial data findings from its 15-month (and counting) Study of Overdraft Programs.
In a welcome departure from its April white paper on payday and deposit advance loans, the overdraft white paper is entirely devoid of a hostile tone, attacks on the industry or prejudgments on the basis of incomplete data. … Continue Reading
In a notice published in today’s Federal Register, the CFPB announced an extension of the comment period on its notice and request for information regarding the impact of overdraft programs on consumers. Originally scheduled to close on April 30, the comment period has been extended to June 29, 2012.
As we reported, the notice and request for information was one of several overdraft initiatives launched by the CFPB in February 2012.… Continue Reading
