Call-to-Action: oppose CFPB overdraft rule
Published by: Sean Brown
December 18, 2024 | Regulatory
Ohio credit unions understand the importance of offering tailored, affordable products and services to meet unique member needs and demands. However, your ability to negotiate these products and services with your members is about to get much more difficult. Last week, the CFPB put out a notice that it had “closed the overdraft loophole to save Americans billions in fees.” The CFPB officially issued its final overdraft rule, which will now cap overdraft program fees at $5. The rule applies only to financial institutions, including credit unions, above $10 billion in assets.
In addition to submitting a call to action from Ohio’s credit unions earlier this year, the League submitted a comment letter opposing the originally proposed rule that would take monetary decision-making power away from credit unions. However, the CFPB appears set on pushing this rule forward. In response, the League encourages you to submit another call to action, asking Congress to step in, halt this rule, and support necessary, overdue reforms at the CFPB. The final rule is set to take effect on Oct.1, 2025, so we need your help. Act now and send lawmakers a strong Ohio message: stop CFBP regulatory overreach!
Contact Sean Brown for questions or assistance.
