CBA’s overdraftfactscom offers policymakers valuable insights they need

The Consumer Bankers Association (CBA) has launched a new microsite, overdraftfacts.com, to provide insights to policymakers about the value and benefits of overdraft services. The microsite features information on bank-driven overdraft and non-sufficient funds (NSF) innovations and reforms that have reduced consumer costs. It also includes statements from regulators, legislators, scholars, and thought leaders. CBA President and CEO Lindsey Johnson highlighted the importance of educating policymakers about the negative impacts of a “one-size-fits-all” rule on consumer choice and access to overdraft services. The CBA is awaiting the Consumer Financial Protection Bureau’s (CFPB) proposed rulemaking on NSF and overdraft fees. The CBA is one of several industry associations that have expressed concerns about the economic impact of the rulemaking on smaller banks and credit unions.