Newsroom

September 11, 2015

NAFCU at CFPB today on overdraft issue

NAFCU Director of Regulatory Affairs Alicia Nealon will attend a meeting today with CFPB staff on overdraft services.

Nealon will be accompanied by NAFCU Chief Economist and Director of Research Curt Long in the meeting, which will also include representatives from other financial trade groups.

NAFCU has expressed concern over CFPB's pursuit of data on overdraft programs and warned that the costs of its data collection will impact credit unions indirectly. The association has emphasized that credit unions offer responsible overdraft protection and that credit union members are happy with their overdraft services.

According to a 2014 NAFCU Economic & CU Monitor, 91.2 percent of respondents reverse overdraft charges on a case-by-case basis, and all respondents offered alternatives to overdraft or courtesy pay programs.