CUNA President and CEO Jim Nussle issued a statement on the Consumer Financial Protection Bureau releasing overdraft disclosure prototypes following an agency report that included limited research on only the nation’s largest banks:
“The CFPB conducted an overdraft study of only the largest banks, yet makes assumptions about a service that consumers at not-for-profit, member owned credit unions continue to seek as an option. Once again, the CFPB seems to not understand that creating broad sweeping policy from one-size-fits-all analysis of the largest Wall Street banks is a disservice to America’s credit unions and the millions of members that rely on them for free checking, and the many other high-quality products and services they provide.”