Comments on CFPB Proposal on Overdraft Protection Services

ICBA submitted comments on the Consumer Financial Protection Bureau’s proposal to apply Regulation Z lending requirements to overdraft services.

The proposed rule would apply to banks with more than $10 billion in assets, but the agency will monitor the market to determine whether to alter the regulations for banks under $10 billion.

ICBA expressed opposition to the proposed rule, regardless of the exemption, and called on the CFPB to withdraw it.