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CFPB Calls for More Missouri Input

If your credit union offers overdraft protection (ODP) and has not participated in the Missouri Credit Union Association (MCUA) ODP survey – the Consumer Financial Protection Bureau is requesting your credit union’s input.

ODP was the primary topic when credit union leaders from Missouri met with Consumer Financial Protection Bureau (CFPB) representatives during Missouri Hike the Hill on June 8. MCUA provided results from its ODP survey, along with examples showing how members use the program and how credit unions work with members. 

During the meeting, CFPB representatives expressed an interest in seeing additional examples and more data about ODP usage, to differentiate how the program operates at credit unions. The CFPB is contemplating rulemaking on ODP, but the expected start date is now pushed back to the fall.

"This was a great opportunity to get some individual attention with the people that help set the laws and policies that increasingly affect the way we do business,” says Jay Neathery, Executive Vice President of United Consumers Credit Union. “It was good to know that the CFPB understands our perspective before they finalize their new rules."

Credit unions are urged to participate in the ODP survey by July 3. The survey link was distributed to credit union presidents on May 12 and 21. Contact Amy McLard, MCUA SVP of Advocacy, via email or phone, 800.392.3074, ext. 1370, to receive the link.

"It was clear during our discussion that the CFPB representatives we met with do recognize the credit union difference and the potential impact on members,” says Don Cohenour, MCUA president/CEO. “We will plan to continue to provide examples and support materials about overdraft protection as the CFPB approaches ODP rulemaking."

In addition to ODP, the Missouri CFPB meeting addressed concerns with the consumer complaint database, the growth of regulatory burden – including mortgage lending and the upcoming TILA/RESPA changes - and payday alternatives.

The document MCUA provided to the CFPB during Hike the Hill is available upon request. 

MCUA thanks the following credit unions for providing data for the initial CFPB meeting:

  • 1st Financial Federal Credit Union
  • Anheuser-Busch Employees’ Credit Union
  • APEX Financial Credit Union
  • Bayer Credit Union
  • BluCurrent Credit Union
  • Cape Regional Credit Union
  • CommunityAmerica Credit Union
  • Cross Roads Credit Union
  • CU Community Credit Union
  • First Community Credit Union
  • First Missouri Credit Union
  • Foundation Credit Union
  • Heartland Community Credit Union
  • Joplin Metro Credit Union
  • Northland Teachers Community Credit Union
  • Northwest Missouri Regional Credit Union
  • Riverways Federal Credit Union
  • Saint Luke’s Credit Union
  • Scientific Research Partners Credit Union
  • Southpointe Credit Union
  • St. Louis Community Credit Union
  • TelComm Credit Union
  • United Consumers Credit Union
  • Vantage Credit Union

Caption: Credit union staff and volunteers meet with representatives from the Consumer Financial Protection Bureau (CFPB) on June 8.