CFPB proposes testing overdraft disclosures

The CFPB is seeking approval from the Office of Management and Budget for, and comments on, its plans to conduct online testing of ATM/debit card overdraft disclosures with 8,000 individuals. The testing will explore consumer comprehension and decision-making in response to overdraft disclosure forms. It will also explore financial product usage, behavioral traits, and other […]

The CFPB is seeking approval from the Office of Management and Budget for, and comments on, its plans to conduct online testing of ATM/debit card overdraft disclosures with 8,000 individuals. The testing will explore consumer comprehension and decision-making in response to overdraft disclosure forms. It will also explore financial product usage, behavioral traits, and other consumer characteristics that may interact with a consumer’s experiences with overdraft programs and related disclosure forms. Comments on the CFPB’s notice and request for comment will be accepted through January 16, 2018.

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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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