We’ve been anxiously waiting to hear what the CFPB’s plan will be for overdraft reform. Well, we finally have it. The CFPB recently published their two-year priorities which states:
The Bureau will initiate a rulemaking process with the goal of developing rules to make the overdraft market fairer and more transparent.
Going forward we all need to get used to hearing the words “fairer and more transparent” when it comes to overdrafts. You can certainly bet they will be the foundation on which the overdraft rules are created.
We’ll be keeping close tabs on the CFPB’s progress on this issue. Be sure to join us on June 8, 2016, for our Overdraft Guidance and Best Practices webinar. We will be covering all the current overdraft do’s and don’ts as well as all the latest CFPB rulemaking developments.