New guidance for overdrafts

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January 6, 2015 at 11:11 am EST #6604

Lexegay
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Can you tell me if there has been any new guidance or regulations put into place for overdrafts? I read that the CFPB was scheduled to have a meeting with Richard Cordray in October concerning Overdrafts.
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January 12, 2015 at 1:35 pm EST #6616

kowsley
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No, there hasn’t been any new guidance or regulations implemented specific to overdrafts.

The CFPB did issue a proposal on December 23, 2014 regarding Prepaid Accounts Under Reg. E and Reg. Z; this proposal does contain elements of overdraft services as it pertains to prepaid accounts. The comment period for this proposal ends on March 23, 2015. The link to the proposal is https://www.federalregister.gov/articles/2014/12/23/2014-27286/prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-e-and-the-truth-in-lending-act
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