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NAFCU continues to be in contact with CFPB over its planned actions regarding overdraft programs as well as its other focuses including arbitration and payday lending. NAFCU expects that an overdraft rule may not be finalized in 2016.

NAFCU has raised concerns about the CFPB's overdraft survey and its pursuit if data on overdraft programs during the last year. NAFCU has been the only credit union association to consistently defend access to overdraft programs for credit unions.

CFPB has indicated that it plans to convene a Small Business Review Panel on the issue and to release an outline of potential rulemaking details. NAFCU also expects a rule to be focused on the consistency with which financial institutions are calculating consumers' available funds in relation to overdraft programs.

In December, a NAFCU survey indicated that many credit union members rely on overdraft programs to meet monthly obligations and emergency expenses, and that the loss of such programs could lead those members to seek out more expensive alternatives.

NAFCU expects CFPB to continue its enforcement actions on overdraft violations even without a rulemaking. In April, the bureau issued an enforcement action against Regions Bank for $56.5 million for allegedly charging overdraft fees to consumers who had not opted for overdraft coverage.