“The CFPB has deliberately exceeded its intended purpose at the expense of the hardworking Americans they claim to protect. Its latest overdraft fee proposal is another devastating blow to working class Americans as it takes away a lifeline many consumers in financial distress rely on to make ends meet. We have worked tirelessly to ensure our credit union members can provide the services their members need when it comes to their financial planning and goals when opting into these products. The Bureau must be held accountable for its war on American families and Main Street America.” – America’s Credit Unions President/CEO Jim Nussle
Background:
- Overdraft is an optional product and consumers are not being forced into it—they’re making a choice to use it because it benefits them and they are aware of the cost.
- The overall junk fees effort, purportedly intended to help consumers, is instead, perversely pushing consumers away from relationship banking institutions like credit unions into potentially riskier providers.