WASHINGTON (6/3/14)--The Consumer Financial Protection Bureau (CFPB) has changed the date for further pre-rule activities on overdraft practices in its Spring 2014 rulemaking agenda and moved the date to February 2015.
The CFPB's analysis is meant to build off a June 2013 white paper summarizing the CFPB's initial findings of overdraft practices, taken from supervisory data from nine large banks.
According to its initial reports, this white paper "highlighted a number of possible consumer protection concerns, including how consumers opt in to overdraft coverage for ATM and one-time debit card transactions, overdraft coverage limits, transaction posting order, overdraft and insufficient funds fee structure, and involuntary account closures."
The official Spring 2014 list of agency rules posted by the Office of Information and Regulatory Affairs states that an analysis of overdraft regulations is considered to be in the "pre-rule stage." (Updated June 4.)