CFPB Grants Overdraft Comment Extension Per CUNA Request
The Consumer Financial Protection Bureau has granted CUNA’s request for a deadline extension for comments on overdraft programs. The new deadline is June 29.
The CFPB issued the comment request in February, setting an April 30 deadline and seeking information from both consumers and financial institutions. A model statement that discloses overdraft fees assessed each month in a penalty box format, and provides a link for consumers to learn more about how to avoid overdraft fees, is also up for review.
CUNA had requested the extension so credit unions would have more time to respond to an overdraft survey the trade developed specifically in response to the comment request. According to CUNA spokesman Pat Keefe, CUNA will submit its official comment to the CFPB on May 25.
“This is a good development and will allow credit unions, leagues and CUNA, along with other interested parties, ample time to develop comments,” Keefe said.