CFPB to Survey Consumers on Overdraft Disclosures

The Consumer Financial Protection Bureau is seeking information on overdraft-related disclosures, according to a filing to be published tomorrow in the Federal Register. The bureau initially sought to conduct this consumer survey in 2015, but did not move forward after the American Bankers Association expressed opposition to the “defective and opaque process employed by the bureau” to conduct research on overdraft. The CFPB is now re-submitting its request for regulatory approval to conduct a survey of consumers’ understanding of and decision-making in response to overdraft disclosures.

In August, the bureau released four new prototype overdraft disclosure forms and published a report on frequent overdraft users. The proposed survey will test consumer understanding of the disclosures. ABA will review and comment on the proposal. For more information, contact ABA’s Jonathan Thessin.

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