Overdraft

CBA supports the principles of customer choice, transparency, and fairness in deposit account partnerships. Recently-enacted federal regulation has afforded consumers greater protection via detailed disclosures. Absent substantial evidence that this regulation is failing or falling short of its intended purpose, CBA believes further incremental changes to the rules governing overdraft protection will only add logistical complexity and increased consumer confusion without corresponding benefits. CBA believes coordination among the federal banking regulators will lead to more regulatory certainty for financial institutions and greater clarity for consumers.
  • September 8, 2022
    In a wide-ranging conversation featured yesterday in POLITICO’s Morning Money, CBA President & CEO Lindsey Johnson discussed some of the key policy issues facing retail banks and how the industry is responding to a new regulatory regime in Washington, D.C. The exclusive, on-the-record interview was Johnson’s first since assuming the role of President & CEO and comes just two weeks before...
  • July 28, 2022
    WASHINGTON, DC – Consumer Bankers Association President and CEO Lindsey Johnson issued the following statement after the House Financial Services Committee passed the Overdraft Protection Act, H.R. 4277, legislation that would dramatically restrict access to overdraft: “Today’s passage of the Overdraft ‘Protection’ Act in the House Financial Services Committee will harm vulnerable consumers in...
  • June 13, 2022
    The Consumer Bankers Association (CBA) writes in opposition to H.R. 4277, the “Overdraft Protection Act”, that would restrict access to a safe emergency liquidity option, which provides a financial safety net for consumers. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all...
  • March 30, 2022
    Dear Chairman Perlmutter and Ranking Member Luetkemeyer: The Consumer Bankers Association (CBA) submits this letter for the record for the hearing entitled “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions.” Overdraft is a safe and affordable form of immediate short-term liquidity used by millions of consumers to ensure they can continue to...
  • September 9, 2019
    CBA Statement on Consumer Need for Responsible Overdraft Protection WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Overdraft Protection Act of 2019: “Consumers understand and rely on overdraft services to cover emergency expenses instead of turning to unregulated lending sources. Placing limits on consumers’ ability to access these...
  • July 2, 2019
    CBA Comments on CFPB Overdraft Review WASHINGTON – The Consumer Bankers Association this week submitted comments to the Consumer Financial Protection Bureau’s review of the Federal Reserve’s 2009 overdraft provisions of Regulation E, which implements the Electronic Fund Transfer Act. “While we believe adjustments and clarifications to the rule may be warranted, CBA urges the CFPB to maintain the...
  • August 10, 2018
    D.C. DOWNLOAD Couldn’t Make the Membership Call? Here’s What You Missed - CBA held a membership call yesterday to offer an update on all things D.C. – ranging from BCFP rulemaking and OCC priorities to the latest updates on CRA, the midterm elections and CBA news. If you missed the call, here is a quick recap: Bureau of Consumer Financial Protection The Senate Banking Committee had scheduled a...
  • August 6, 2018
    Booker wants to bar banks from charging ‘unfair’ overdraft fees By Joe Hernandez August 6, 2018 In a move to end an “unfair” practice he said traps consumers in a “vicious cycle of poverty,” U.S. Sen. Cory Booker of New Jersey has introduced a bill that would prohibit banks from charging customers certain overdraft fees. When an account holders cut a check or swipes a debit card for a transaction...
  • September 22, 2017
    CBA LIVE 2018 Registration Now Open CBA LIVE is back for 2018, and we are going “Beyond the Bank.” The banking industry is transforming across the board. From consumer interactions to digital capabilities the banking world is moving beyond brick and mortar. With 90 hours of programming and attendance from retail banking’s most senior leaders, CBA LIVE 2018 is this year’s can’t miss event. Join us...
  • September 17, 2017
    "Attention: Credit Union Members," state the bold red letters in a newspaper ad. "Has your credit union assessed multiple overdraft charges when you believed you had a sufficient balance?" The ad by the Michael B. Serling law firm seeks victims of "multiple overdraft charges" much like the Birmingham firm advertises to help victims of mesothelioma and lung cancer caused by asbestos exposure...

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