America’s Credit Unions sent a letter to the CFPB vehemently opposing the bureau’s proposed rule related to overdraft fees as it will harm community-based credit unions and their members. The proposal would amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by “very large” financial institutions. America’s Credit Unions is especially concerned that the bureau’s proposal:
It’s also important to note the Federal Reserve Bank of New York’s new report that highlights the bureau’s substandard efforts to understand the issue: The bureau held interviews and focus groups with only 36 low- and moderate-income households to learn about their experiences with overdraft credit. America’s Credit Unions will continue to fight for the 140 million Americans who choose credit unions as their trusted financial institution and provide clear disclosure for fees. Read the letter.
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
April 2024
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