In a notice published in today’s Federal Register, the CFPB announced an extension of the comment period on its notice and request for information regarding the impact of overdraft programs on consumers. Originally scheduled to close on April 30, the comment period has been extended to June 29, 2012.
As we reported, the notice and request for information was one of several overdraft initiatives launched by the CFPB in February 2012. Published in the Federal Register on February 28, the CFPB notice requested comments on: (1) lower cost alternatives to overdraft protection programs, (2) consumer alerts and information provided regarding balances and overdraft triggers, (3) the impact of changes to Regulations DD and E and overdraft opt-in rates, and (4) the impact of changes in bank operating policies, such as changes to the order of processing transactions.
In granting the extension, the CFPB responded to industry requests for additional time. We encourage the CFPB to follow the approach it used for its request for suggestions for streamlining regulations and, once the extended comment period closes, allow an additional period for interested persons to review the comments submitted and file reply comments.