WASHINGTON—Federal agencies, including the NCUA and CFPB, have released their fall 2023 regulatory agendas.
While the CFPB’s agenda indicates its final rule to reduce the credit card late fees safe harbor will be issued this year, it could extend into early 2024, NAFCU noted.
The credit union trade groups and other financial services organizations have been raising strong objections to the CFPB’s potential proposal, which is expected to cap overdraft fees. That has led some to predict they will no longer be able to allow members/customers to overdraw accounts.
NAFCU noted the Bureau’s rulemaking efforts related to overdraft and insufficient funds remain on the agenda, but have moved from the pre-rule stage to proposed rule stage. The overdraft rulemaking is scheduled to be released this month.
NCUA Agenda
NCUA, meanwhile, indicated it also plans to issue a final rule related to overdraft policy next year.
Other issues, such as investment and deposit activities and digital assets, remain on the NCUA’s agenda. That agenda could change, however, as the composition of the board will be changing with the exit of Board Member Rodney Hood and the addition of a second Democrat, Tonya Otsuka, who is awaiting a Senate vote.
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