CFPB reviews ODP programs and more
Yesterday, the CFPB released two items of interest to credit unions. Most importantly, the CFPB has decided to evaluate Overdraft Protection. That regulation, which caps the fees that a financial institution can impose on ODP programs, was written by the Fed in 2009 and transferred to CFPB when the organization originated. There is a 45-day comment period for the ODP regulation now under review. See the document here.
The CFPB also 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 the marketplace or technological changes, and whether it conflicts with other federal or state laws. See the document here.
The CFPB will solicit comments on an ongoing basis regarding these issues.
The LSCU will closely follow news and on the examination of these regulations and will keep you updated as more information is available.