The Consumer Financial Protection Bureau published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act of 1980 and request public input. The CFPB also requested public input as part of its first RFA review, which examines the 2009 overdraft rule.
The RFA requires agencies to review certain rules within 10 years of their publication and consider their effect on small businesses. The CFPB said its reviews will determine whether rules should be continued, amended or rescinded.
The CFPB’s first review on the 2009 overdraft rule seeks comments on the economic impact of the rule on small entities. The rule limits the ability of financial institutions to assess overdraft fees for paying ATM and one-time debit card transactions that overdraw customer accounts.
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