News

CFBP seeks feedback on impact of ATM, debit overdraft regulations

May 14, 2019

The Consumer Financial Protection Bureau has announced that is seeking input from the public on the impact of a rule passed in 2011 that prohibits financial institutions from charging overdraft fees for ATM and debit transactions unless the card holder has previously arranged with the FI for overdraft protection. 

According to a report by Credit Union Times, the CFPB announcement is part of a standard review of its rules in which the bureau seeks to determine the effect of the rules on small organizations.

The review will help the bureau to determine whether the rule should be changed, dropped or revised, the report said.