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Overdrafts Return To Congress

As if credit unions don't have enough to worry about with the possibility of the creation of a new regulatory agency,

By Claude R. Marx | Updated on September 22, 2009

As if credit unions don’t have enough to worry about with the possibility of the creation of a new regulatory agency, they could also have to fight efforts to limit overdraft fees and to allow bankruptcy judges to rewrite the terms of mortgages.

The House Financial Services Committee is scheduled to consider legislation creating a Consumer Financial Protection Agency on Sept. 30, though a revised draft of the measure hadn’t been released as of press time. The panel delayed consideration of the original bill because of widespread opposition from financial services trade groups. CUNA and NAFCU don’t want to kill the measure but want to limit its scope.

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