The CFPB will not ban financial institutions from charging overdraft fees but it plans to address the issue at some point in the future, according to Richard Cordray, the bureau's director.
During a Feb. 10 online town hall meeting with NCUA Board Chairman Debbie Matz, Cordray said the CFPB received a great deal of input on overdraft fees from credit unions. He indicated that the bureau plans to finalize rules related to other issues in the near future.
"We started with a great deal of work that we were required to do around mortgage. We have certain other things in the queue now. Overdraft is in the queue but not quite as upfront as some of the things I mentioned such as prepaid, payday and [Home Mortgage Disclosure Act]," he said. "But we're thinking about it, working on it and happy to have input."
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