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Tuesday, November 3, 2015

ABA: CFPB Plan for Overdraft Survey Evades Transparency

ABA filed comments opposing the CFPB’s proposed plan to study overdraft protection services. Calling the bureau’s process “defective and opaque,” ABA urged the CFPB to re-submit its proposed plan with a draft survey.

The CFPB plans to conduct a survey of 8,000 individuals but has not released the draft survey with its proposal as federal guidance requires. ABA noted that the bureau’s proposed plan continues practices of evading transparency and resisting accountability in seeking approval to conduct research related to overdraft services.

Read the letter.

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