David Silberman, the CFPB’s assistant director of research, markets and regulations, recently visited Gothenburg, NE, a town of 3,800 people, where he met with the staff of Gothenburg State Bank.  The bank  has $118 million in assets, two offices, and 28 employees. 

As reported by the American Bankers Association, overdraft protection was a main topic of the meeting, with Mr. Silberman hinting that CFPB overdraft regulations are likely to include exemptions for small banks.  More specifically, Mr. Silberman was reported to have commented that any new rule regarding overdraft protection cannot be written in a one-size-fits-all manner. 

Since Mr. Silberman reports directly to CFPB Director Cordray,  it seems likely that Mr. Silberman’s focus on overdraft protection is indicative of a continuing interest on the part of CFPB leadership to regulate this product.