CFPB Eyes Overdraft Regs

February 15, 2012
Credit Union Times 
consumer financial protection bureau news

Consumer Financial Protection Bureau director Richard Cordray said his agency is talking about how to move forward on additional regulations that deal with overdraft protection and checking account disclosures. The regulator, which could propose rules later this year, is particularly concerned about the practice some banks have of manipulating the order in which checks are cleared in order to trigger more overdraft penalties. Cordray explained during a Feb. 8 virtual town hall meeting sponsored by the National Credit Union Administration that the CFPB will not duplicate current rules so that financial institutions will not have to juggle a bevy of rules. The overdraft and checking account rules will fall under the agency's "Know Before You Owe" initiative, which already covers mortgage cost disclosures, student loans, and credit card agreements.
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