ARLINGTON, Va.–Credit unions are continuing their watch on the CFPB as to what might be going on with its proposed new rules related to overdrafts, according to NAFCU.
While the regulator has clearly signaled its plans to take actions on overdraft programs, “we don’t have any additional insights as to what to expect or specific timing on the release of that particular proposal,” noted Ann Petros, VP-regulatory affairs with the trade group.
Petros noted the only information that can be gleaned to date is the Bureau has listed an overdraft-related proposal on its spring rulemaking agenda, where it states the proposal is in the “pre-rule stage.”
“That could mean an ANPR, it could mean a request for comment—we just don’t know,” Petros said. “We've heard some rumors about what the proposal could look like, but at this point we would just be speculating. So, we're staying tuned to the CFPB to see what they actually are thinking on that point.”
Follow-Up on AI
Separately, Petros said NAFCU will also be sending a letter this week in response to notice that followed the president's executive order on AI.
“We are hoping that all agencies, including the CFPB, are transparent (on the ways) they incorporate AI into their daily operations and their supervision of entities and financial institutions like credit unions,” said Petros.
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