CBA Statement on CFPB Overdraft Report

Washington, D.C. (July 31, 2014) – CBA’s President and CEO Richard Hunt issued the following statement after the CFPB released their report entitled: “Data Point: Checking Account Overdraft.”

“We believe overdraft protection is a vital banking service voluntarily chosen by consumers to ensure their financial needs are met.  Banks offer this optional service to help consumers properly manage their deposit accounts. Studies have shown consumers value and appreciate the ability to cover expenses when they need to, from an institution they trust, without resorting to entities outside the heavily regulated banking system. These debit card services are completely optional, and consumers who freely choose to utilize the service can subsequently opt-out at any time.  We strongly urge policymakers to be cautious in their approach to regulating overdraft and to avoid completely eliminating the consumer’s ability to choose.”

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.

The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, tcrosson@consumerbankers.com, (703) 869-1246 or visit www.consumerbankers.com.