CUNA has asked the Consumer Financial Protection Bureau to grant an extension of the comment period regarding the impacts of overdraft programs on consumers. The comment period is currently scheduled to end April 30.
“We've asked for an extension of the comment period because it's such an important issue for credit unions,” said Mary Dunn, CUNA's deputy general counsel. “A number of credit unions offer a range of products to members for overdraft protection, so we want the agency to have good information.”
Dunn said she's “optimistic” the CFPB will extend the comment period. CUNA will be looking for the agency to make the extension official in the Federal Register this week.
The CFPB is looking for feedback from consumers and financial institutions regarding a number of overdraft topics, including the impact of opt-in regulations, alternatives to overdraft programs, and low or negative balance alerts to consumers.
More information and the opportunity to submit comments can be found on the Federal Register website.
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