The Maryland and District of Columbia Credit Union Association (MD|DC CUA) facilitated a roundtable discussion last week with member credit unions and the Consumer Financial Protection Bureau (CFPB). CUNA staff and representatives from the Credit Union Mortgage Association also attended.
“I would like to thank the CFPB for taking the time to meet with our members and their willingness to listen to concerns raised on important issues facing our credit unions,” said John Bratsakis, MD | DC CUA president/CEO. “We look forward to providing the CFPB with feedback from our credit unions on the topics that were discussed. We will work together with the CFPB to continue an ongoing dialogue to provide credit unions with a voice on regulatory issues.”
Much of the discussion revolved around the issue of overdraft protection (ODP), as the bureau has been working on rules to address this issue for several years. Member credit unions provided perspective to the CFPB on how credit unions work with their members concerning this issue.
Credit unions continued to be forceful in conveying to the CFPB the benefits and satisfaction that member-account holders have overwhelmingly expressed with current ODP programs, which they proactively opt into.
In an effort to ensure that all credit union voices are heard, the association will be conducting a follow-up survey with members on ODP to provide the CFPB with more information.
The group also focused on: