This month's special topic:
Overdraft & Courtesy Pay Programs
It is no secret that the Consumer Financial Protection Bureau (CFPB) has taken a heightened interest in overdraft programs. Last July, the agency released a study focusing on consumer’s use of overdraft services, and a June 2013 white paper included a review of institutional overdraft policies. Both papers focused on large banks. And in April, the CFPB leveled its first enforcement action related to overdraft and non-sufficient funds charges to Regions Bank in Alabama ($121 billion in assets), totaling over $56 million in fines and customer refunds. However, respondents to NAFCU’s Economic & CU Monitor survey bear little resemblance to these large banks, and their overdraft programs are distinctively member-focused.
NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.
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