Trades Ask CFPB for More Data on Overdraft Protection Policy

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Credit union and banking trade groups sent a joint letter to CFPB Director Rohit Chopra on Thursday to ask for additional data collection, development and analysis before making new overdraft policy recommendations.

Last month, the CFPB issued two reports concerning the amount of overdraft and non-sufficient fees (NSF) collected by banks and credit unions. CUNA, NAFCU, the American Bankers Association, the Consumer Bankers Association and the National Bankers Association jointly stated that the reports lacked analysis, needed input from the public and asked the bureau to conduct a study of consumer preferences regarding overdraft issues to gain a better understanding of the fees before the CFPB decides on new policy guidelines.