WASHINGTON–Representatives of two CUNA subcommittees met with the Consumer Financial Protection Bureau to discuss any potential overdraft rules the CFPB might propose.
Elizabeth Eurgubian, CUNA’s deputy chief advocacy officer, said during a call with the media that credit unions pressed their case that they want to be able to provide overdraft protection to members free from additional regulatory burden and that members “like having this service.” She said the CU reps also provided examples of how credit unions “differ from some of the problem actors in the industry.”
Eurgubian said the CFPB was told credit unions do not support any new broad regulations around overdraft services.
The CUNA subcommittees also met with NCUA staff just after the agency voted to finalize its risk-based capital rule.