ICBA Statement on CFPB Overdraft Disclosure Prototypes
Washington, D.C. (August 4, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine issued this statement on the Consumer Financial Protection Bureau’s release of overdraft disclosure prototypes, which follows an agency report that included limited research on only the nation's largest banks.
“Overdraft services are an important aspect of community banks’ relationship with their customers. Consumers should continue to have the ability to opt-in for debit card overdraft coverage to avoid the inconvenience and embarrassment of a rejected debit card transaction. That said, ICBA adamantly opposes any CFPB rulemaking that limits the consumer’s choice on how they manage their accounts.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.