In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank Act.
As indicated in the memo, to inform its rulemaking process on overdraft protection services, the CFPB ordered three financial services core processors in November 2014 to provide significant amounts of information and anonymized data about the overdraft services they provide for depository institutions. … Continue Reading