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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.
- February 3, 2016The Consumer Financial Protection Bureau stepped up efforts Wednesday to encourage banks to offer simple checking and savings accounts, but many institutions said they are already taking steps to try to reach the underbanked. The CFPB sent a letter to the 25 largest retail banks calling on them to offer accounts without overdraft features and advertise them more widely, while expressing concerns...
- January 22, 2016On Friday, January 22, 2016, in anticipation of severe winter storms, the OCC issued a statement authorizing national banks and other federal savings associations in potentially impacted areas to close, but cautioned them on their responsibility to consumers. The agency reminded banks of their obligations to aid financial institutions and consumers affected by the storm, and recognized the...November 20, 2015CFPB Releases Updates to Rulemaking Agenda On Friday, November 20, 2015, the CFPB released its semiannual rulemaking agenda as part of the federal government's Unified Agenda of Regulatory and Deregulatory Actions. Part of the CFPB's mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. The agenda includes rulemaking...November 17, 2015Under pressure from new regulations and their customers, banks are seeing overdraft frees fall and taking some of their profitability down with them. While the overdraft free has long been an easy source of funds, it has been on the decline for the last several years, and new data indicates that it may be falling faster than ever, reports the Wall Street Journal. A report released by Moebs...November 10, 2015Many Americans who cannot cover regular or emergency expenditures are also finding it harder to obtain traditional forms of credit to tackle unexpected expenses, such as an emergency car repair or medial need. But rather than ease this burden, the Consumer Financial Protection Bureau is proposing to take away viable short-term funding options. Within the next six months, the CFPB is set to...November 6, 2015CBA Comments on CFPB Overdraft Survey On Tuesday, November 3, 2015, CBA filed a comment letter in response to the CFPB's request to the Office of Management and Budget to conduct a survey as part of its study of overdraft protection services. On September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. This first...November 3, 2015November 3, 2015 Consumer Financial Protection Bureau ATTN: PRA Office 1700 G Street NW Washington, DC 20552 RE: OMB Control Number: 3170-XXXX, Docket No: CFPB-2015-0037 - Web- Based Quantitative Testing of Point of Sale/ATM (POS/ATM) Overdraft Disclosure Forms Dear PRA Officer: The Consumer Bankers Association (CBA)1 writes in response to the Consumer Financial Protection Bureau’s (Bureau)...September 11, 2015CFPB Publishes Notice for Consumer Survey on Overdraft On Wednesday, September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. The survey is likely to be the last effort by the Bureau to collect data before it initiates a rulemaking process on the issue. This is the first direct consumer survey the agency has...June 17, 2015Under pressure from new regulations and their customers, banks are seeing overdraft frees fall and taking some of their profitability down with them. While the overdraft free has long been an easy source of funds, it has been on the decline for the last several years, and new data indicates that it may be falling faster than ever, reports the Wall Street Journal. A report released by Moebs...June 17, 2015Overdraft fees, one of the most hated charges in existence, are getting smaller. And the loss of revenue is costing banks dearly. The Wall Street Journal, citing data from economic research firm Moebs Services Inc, reports revenue from overdraft fees is down 4% from last year, the largest drop since 2011. Overdraft fees tend to dwarf other consumer-related revenue streams like ATM and maintenance...