The Consumer Financial Protection Bureau has granted CUNA'srequest for a deadline extension for comments on overdraftprograms. The new deadline is June 29.
|The CFPB issued the comment request in February, setting an April 30 deadline and seeking informationfrom both consumers and financial institutions. A model statement that disclosesoverdraft fees assessed each month in a penalty box format, andprovides a link for consumers to learn more about how to avoidoverdraft fees, is also up for review.
|CUNA had requested the extension so credit unions would havemore time to respond to an overdraft survey the trade developedspecifically in response to the comment request. According toCUNA spokesman Pat Keefe, CUNA will submit its official comment tothe CFPB on May 25.
|“This is a good development and will allow credit unions,leagues and CUNA, along with other interested parties, ample timeto develop comments,” Keefe said.
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