Cordray Clarifies CFPB Overdraft Intentions

During an NCUA-hosted webinar, Richard Cordray says the bureau wants credit unions to offer members more options. Maybe the CFPB should consider that the source of the problem isn't just in the products, but the education behind using the products. Should financial institutions make available products that don't take advantage of the consumers/members? Absolutely. Should the users of these products have a basic understanding of how money works? Basic logic says yes. Sadly, I feel that the CFPB would say it doesn't matter. Treat the source of the problem, don't put a Band-Aid over it.

David Murphy

By the way, an account can go negative because the member deposits a bad check and removes the funds before the NSF deposit returns to the credit union. And NSF fees on checks/ACH debits can take the account negative. If CFPB limits fees on courtesy pay, then the limit is placed on NSF fees because of Reg Z. Cordray did not understand that when asked.

JustAPlayer

Since when does he feel it isn't his place to overrule Congress? This has nothing to do with protecting consumers and, in fact, most of his rulemaking has hurt consumers by limiting choice and eliminating competition. The CFPB must go away.

BillyBobJim