The Consumer Financial Protection Bureau (CFPB) recently announced it was releasing examples of model disclosure forms, which banks and credit unions could use to describe their overdraft practices to customers.
The CFPB also released a study tracking the habits of frequent account overdrafters, showing they average more than $450 in annual fees higher than less frequent overdrafters.
The bureau did not, however, release a timeline for future progress on the issue, or detail whether it would pursue rulemaking in the area – despite having worked on pre-rule overdraft activities for nearly five years. So what does the announcement mean? Read on for the details.