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CBA Responds to the Release of the CFPB’s Study on Overdraft
99% of consumers are not confused by the opt-in process for overdrafts
Washington, D.C. - Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the CFPB’s study on overdraft and their prototype disclosure forms.
“Banks provide consumers with clear, concise procedures for opting into overdraft services. According to a 2015 Novantas study, 99% of consumers who opt-in to POS/ATM overdraft services stated they were not confused by the current opt-in process. With nearly half of Americans unable to meet a $400 emergency expense, overdraft is a voluntary service which provides consumers access to needed short-term liquidity. We look forward to working with the CFPB on this issue, and we appreciate their concern for providing consumers with clear disclosures,” said CBA’s President and CEO Richard Hunt.
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.