Comments to OCC on Overdraft and Bank Payday Loans
CRL supports the principles laid out in the OCC's proposed guidance on overdraft and bank payday loans, but hopes the OCC will dramatically strengthen its guidance to address existing problems and to avoid inadverdently entrenching abuses. Among our recommendations, CRL urges the OCC to act quickly and decisively to stop payday lending before it becomes pervasive among banks. CRL also urges the agency to stop its banks from posting transactions in order from highest to lowest to increase overdraft fees.
Date: August 9, 2011
CRL filed comments to the OCC on August 8, 2011 urging them to strengthen rules on overdraft and bank payday lending. Automatic debit overdrafts, re-ordering of account transactions and direct deposit personal loans or bank payday loans unfairly strip fees from consumers.