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April 26, 2012 – June 29 is the new comment deadline for the Consumer Financial Protection Bureau's inquiry, announced in February, into the impact of overdraft programs on consumers.

The inquiry is just that; there is no proposed rule currently from the CFPB on overdraft protection programs.

The bureau initially set a comment deadline of April 30, but it is extending that for two months.

NAFCU solicited comments from member credit unions in Regulatory Alert 12-EA-07, and the association plans to submit input to the bureau based on members' responses. Meanwhile, these are the main elements of the CFPB inquiry into overdraft practices and impacts, including:

• the existence of lower-cost alternatives to overdraft protection programs;
• the provision of consumer alerts and information provided regarding balances and overdraft triggers;
• impacts of changes to Regulation DD (truth in savings), Regulation E (electronic funds transfer), and overdraft opt-in rates;
• impacts of changes in financial institutions' operating policies;
• economics of overdraft programs; and
• long-term impacts on consumers.

Comments can be submitted in the following ways:

• online, at http://www.regulations.gov;
• by email to cfpb_overdraft_comments@cfpb.gov; or
• by mail or in person to Monica Jackson, Office of the Executive Secretary, Bureau of Consumer Financial Protection, 1700 G St. NW, Washington, DC 20552.

The extended comment period was published in Wednesday's Federal Register.