The CFPB has released two items that are of interest to credit unions. First, the CFPB announced a review of all the regulations under their purview to determine their impact on small businesses. The Bureau said it will consider whether a regulation in question is still needed, whether it is duplicative, whether it is relevant given marketplace or technological changes, and whether it conflicts with other federal or state laws. CFPB will solicit comment on an ongoing basis.
Maybe of greater note is the first rule they decided to evaluate: Overdraft Protection. That regulation, which caps the fees that a financial institution can impose on ODP programs, was written by the Federal Reserve in 2009 and transferred to CFPB when it opened its doors. There is a 45-day comment period for the ODP regulation now under review.
Read the Rule HERE.
