League opposes CFPB proposal to limit declined transaction fees
Published by: Sean Brown
March 6, 2024 | Government Affairs
In a currently volatile economic climate, where margins are shrinking and liquidity is tightening, sustaining vital member services has never been harder. That is why the League continues to advocate for credit unions to retain the ability to charge reasonable service fees that help serve members. Recently, the League submitted a comment letter cautioning the Consumer Financial Protection Bureau (CFPB) from aggressively regulating fees related to instantaneously declined transactions. While not a common practice among credit unions, this is one more example of CFPB government price-setting in the financial services industry.
Are you concerned by this trend? Get involved. The League is asking all credit unions to join our Call-To-Action to oppose another unnecessary CFPB price-setting rule, this time on overdraft.
Contact Sean Brown for questions or assistance.
