WASHINGTON (4/25/12)--Interested parties now have until June 29 to provide information to the Consumer Financial Protection Bureau (CFPB) about overdraft protection plans and how they affect consumers.
The CFPB launched its comment initiative on Feb. 28 and first intended it to end April 30.
The Credit Union National Association (CUNA) in an April 16 comment letter told the bureau that overdraft protection is an extremely important topic for credit unions, which offer a variety of programs. CUNA asked the CFPB to extend a comment period.
The CFPB has said it is particularly focused on gathering information on the practice of re-ordering purchases and payments to maximize overdraft fee charges, on whether consumers can anticipate and avoid overdraft fees, and on how differences in the way institutions explain and promote overdraft programs may affect opt-in rates.
The longer comment timeframe, CUNA wrote, would help ensure the agency has the information it needs.