CFPB Director Richard Cordray said the CFPB does not plan to prohibit financial institutions from charging overdraft fees.
Although he stressed during an online town hall meeting with NCUA Chairman Debbie Matz on Tuesday the bureau has not decided how to address the issue, Cordray also did not rule out new restrictions.
“We are not going to be banning the overdraft product. I don't know that we would have the authority to do that and I also don't know think that's justified,” Cordray said. “As to whether we will have certain modifications and constraints around existing practices, that will all depend on what we see in the data but I would encourage people to continue to give us plenty of feedback.”
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
