The CFPB is Requesting Input on a Possible Overhaul of Overdraft Rule

The CFPB is reviewing the Overdraft Protection (ODP) Rule which caps the fees that a financial institution can impose on ODP programs.

According to the CFPB, the analysis will help the bureau determine whether the rule should remain intact, be amended or “rescinded to minimize any significant economic impact.” The bureau will accept comments for 45 days. The effort is part of a broader review of the bureau’s rules under the Regulatory Flexibility Act to determine the impact on small businesses.

If your credit union would like to comment on either review, please contact Rory Murray, VP of Advocacy at Rmurray@mddccua.org