WASHINGTON—CUNA is meeting Friday with the CFPB to discuss concerns the trade association has with rules the Bureau is expected to write next year regarding overdraft services.
Elizabeth Eurgubian, deputy chief of advocacy at CUNA, reminded that the CFPB is pursuing rulemaking on overdraft protection services and will likely come out with a proposal early next year.
“In meeting with the CFPB we want to make sure they are very cognizant of credit union concerns with overdraft protections and the fact that credit unions offer this product very differently than profit-based institutions,” Eurgubian said. “We want the Bureau to understand these concerns so when moving forward with any rulemaking there are appropriate exemptions for credit unions regarding whatever rules they create around overdraft protection.”
Last month NAFCU Director of Regulatory Affairs Alicia Nealon and Chief Economist and Director of Research Curt Long attended a meeting with CFPB staff on overdraft services.
NAFCU has expressed concern over CFPB’s pursuit of data on overdraft programs and warned that the costs of its data collection will impact credit unions indirectly. The association has emphasized that credit unions offer responsible overdraft protection and that credit union members are happy with their overdraft services.