CFPB Extends Time For Comments on Overdraft Programs

The CFPB has extended the amount of time for comments on overdraft programs from the end of April to June 29, 2012. The original Notice and Request for Information, published on February 22, 2012, asked for information from the public, including consumers, overdraft program processors, and financial institutions, on how overdraft programs work, including information on:
• How consumers utilize overdraft programs,
• The information provided to consumers that inform their everyday banking decisions,
• Alternatives consumers have for meeting short-term shortfalls,
• How recent regulations and changes in bank products and terms have impacted overdraft incidence, and
• The costs financial services providers incur to provide banking and overdraft services.
The CFPB has already received over 200 comments to date but this extended period of time provides financial service providers and others with an opportunity to review the existing comments and submit their own.