Cordray encouraged financial institutions to offer lower-risk account options, including accounts that would not allow for overdrafting the account.

“Because these accounts pose less risk to financial institutions, there's less reason to screen out those applicants from opening such accounts,” Cordray said.

“We know that our credit unions are committed to community development and financial inclusion,” he said. “This could be part of the answer for the millions of Americans who currently lack access to basic financial services that most of us take for granted.”

When asked, during the Q&A session, how far along the bureau is in the overdraft rulemaking process, Cordray did not offer a direct answer, instead discussing other rules expected to be proposed or finalized first.

One attendee questioned why the CFPB would focus on overdraft protection because it doesn't produce the most complaints in the bureau's consumer complaint database. Cordray said the CFPB is looking at the overdraft issue because each regulatory agency has taken different approaches to the concern, and regulatory consistency is needed.

When asked why the CFPB does not use its discretion to exempt smaller institutions from most of its rules, Cordray explained that Congress has that authority. Congress decided not to apply a threshold relating to rules from the CFPB.

“Congress made that judgement. I don't feel it's in my authority to second guess Congress or overrule them on that,” Cordray said.

He added the bureau could contour specific rules to allow certain exemptions within the confines of the language of those particular pieces of the statute,

“[W]e are both willing and quite content to do so,” he said.