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February 28, 2012

Comments due April 30 to CFPB on overdraft

The Consumer Financial Protection Bureau's request for information on financial institutions' overdraft protection programs is taking comments from the public until April 30, according to the notice in Tuesday's Federal Register.

The request for information is titled Impacts of Overdraft Programs on Consumers. The CFPB is looking into industry practices that drive up consumers' costs, mislead consumers and negatively affect low-income and young consumers.

The CFPB, in its inquiry, is focusing on four key areas:

  • transaction re-ordering that increases consumer costs;
  • missing or confusing information;
  • misleading marketing materials; and
  • disproportionate impact on low-income and young consumers.

The bureau has included 12 questions in its request for information. Separately, it has published a sample "penalty fee" box on its website that shows how overdraft fees could be reflected on consumers' checking account statements. This box would provide total overdraft and nonsufficient fund fees paid during the statement cycle and compare that with the aggregate overdraft amounts that triggered the fees.

NAFCU is preparing a Regulatory Alert for members and is discussing this inquiry and thesample penalty fee box directly with CFPB representatives.

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