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Wednesday, April 25, 2012

CFPB Extends Comment Deadline on Overdraft-Practices Inquiry

The CFPB has extended the comment deadline from April 30 to June 29 on its notice and request for information on how overdraft programs affect consumers. ABA and another trade group had asked the CFPB for the extension to provide more comprehensive feedback.

The CFPB said when it released the notice in February that its inquiry on overdraft programs will be focused on four main areas: transaction reordering that increases consumer costs; missing or confusing information about overdraft program terms; misleading marketing materials; and the disproportionate impact such programs may have on low-income and young consumers.

Read the extension notice.
Read the notice and request for information.

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