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Cordray Clarifies CFPB Overdraft Intentions

During an NCUA-hosted webinar, Richard Cordray says the bureau wants credit unions to offer members more options. Maybe the CFPB should consider that the source of the problem isn’t just in the products, but the education behind using the products. Should financial institutions make available products that don’t take advantage of the consumers/members? Absolutely. Should the users of these products have a basic understanding of how money works? Basic logic says yes. Sadly, I feel that the CFPB would say it doesn’t matter. Treat the source of the problem, don’t put a Band-Aid over it.

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