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.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Help advance Credit Unions: Hike with your peers to D.C.

The most impactful credit union advocacy moments are real-life examples of how your credit union influences the financial well-being of members. These facts, stories, and real-world demonstrations of the credit […]

Financial services stand united in Ohio Supreme Court

When the stroke of a pen could alter the landscape of the financial services industry, all parties involved must find a way to unite and stand up for the people, […]
Member Benefits

Top-trending HR policies to review

Human resources are an ever-evolving landscape for employers to navigate, which is why the League provides relevant tools and guidance to help members. One of the most valuable tools members […]