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Cordray Clarifies CFPB Overdraft Intentions

During an NCUA-hosted webinar, Richard Cordray says the bureau wants credit unions to offer members more options.

By J. Daniel Young | Updated on February 09, 2016
CFPB Director Richard Cordray joined NCUA Chairman Debbie Matz at NCUA headquarters in Alexandria, Va., for the webinar.

The Director of the CFPB offered clarification on his call to action for financial institutions to offer accounts that can’t produce a negative balance during his fifth webinar with the NCUA on Feb. 9.

NCUA Chairman Debbie Matz hosted Director Richard Cordray during the afternoon webinar in which he was quizzed on the agency’s call to action and a bulletin warning that inaccurate reporting data used in the checking account screening process could result in action by the bureau.

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