League opposes CFPB proposed overdraft rule
Published by: Sean Brown
April 3, 2024 | Regulatory
Ohio credit unions understand the importance of offering tailored products and services to meet unique member needs and demands. The fiscal realities of providing these services, including credit and debit cards, compliance, and cybersecurity, must be carefully considered in any rulemaking process. That is why the League submitted a comment letter in opposition to a Consumer Financial Protection Bureau (CFPB) proposed rule that would take monetary decision-making power out of your hands. It also would cap the overdraft fee safe harbor, regardless of the real costs associated with the services provided. In response, the Ohio Movement sent approximately 20 additional messages directly to CFPB Director Chopra explaining that members are best served when there is a balance between the impact and cost of regulation and the benefits it provides consumers, and this proposed rule lacks that balance. As we wait for a decision on the final rule, the League will continue to advocate for your right to decide how best to serve your members.
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