Anyone doubt what the bureau "really" is about. See below:

The CFPB has announced an inquiry into checking account overdraft programs to determine how they affect consumers. As part of the inquiry, the Bureau is seeking feedback on a prototype “penalty fee box” disclosure for consumers’ checking account statements that would highlight overdraft amounts and total OD fees charged. The announcement was made in coordination with a presentation by Director Cordray at Hunter College in New York, where the Bureau is hosting a “Town Hall” discussion on checking account experiences.

Community Banks=SEB(Soon to be Extinct Banks)

Can you imagine the outcry when ODP is gone and consumers are being turned away from their $40 cup of coffee, or asked to put groceries back on the shelf.

For those who still write checks we will still get a fee, (NSF), but the POS ODP fees will be gone.

It may lead to the revival of the ODLOC, but I doubt it.

The new proposed form suggest telling the customer about three "simple" ways to lower od fees. The problem with the form is that the reality is ignored. Look at the current unemployment rate nation-wide then look at your state. Most customers are struggling now and have already exhausted or tapped into their "savings" accounts. Most do not have a link account and those that do rarely if ever od. That's the reality. If not for the od program of most banks, there would be a lot of returned house payments, car payments and rent payments not to mention the declines at wally-world, etc. After 34 years, I have not heard anyone complain about the bank paying their house note or car note or rent payment. Contrary, I've been blasted by customers for NOT paying these same checks. Go figure!

Over-reaction.

One simple way to lower od fees: Don't spend money you don't have or can't afford to borrow!

Maybe, hopefully that's all it is. We'll just have to keep watching won't we.

Unfortunately, using logic only applies to the consumers who don't use ODP.

Absolutely right! Live within your means. I mean, if the US Congress can do it . . . oh wait, nevermind.

ABA posted a link to the proposed new ODP frioendly statement.

ABA

How many of ya'll send customers text alerts. Just what would be involved for a small bank to do this. How is opting out helpful if you don't have ODP to begin with. That just eliminated 2 out of 3 tips!

Maybe we could use all of that space at the bottom to put "Track your balances, deposits and spending habits carefully" in a BIGGER FONT.

A lot to do about nothing, but thats not what the bureau is about now is it? All controllable and all avoidable on the part of the customer. So what part of "low" and "income" does the bureau not understand about operating a checking account in "OD mode". Do they really think the people that overdraw their accounts frequently have access to any of the 3 ways to lower OD fees (Duh). Maybe the bureau should re-visit the guidance the other agencies have already cramed down our throats. Not to mention the ATM Debit Card fiasco the feds dreamed up. Simple solution, pay or don't play. Pure nonsense in a grown-up world, but that's what missing now.

That is CRAZY! Take up THAT much room on a statement??? For what the CFPB admitted 86% of the overdraft problem is by 9% of people?? Seems like an awfully lot to do for 9% that choose not to take financial responsibility.

I think the CFPB should take that 9%, allow them to send all their money to the CFPB, then the CFPB will give them an allowance each week for their expenses. And pack their approved Nutritious lunch, tell them when to turn off their TV and go to bead...

Post of the day, right there^^^ !

I feel like if people would just read the Initial Disclosures, half of that information (maybe more) would have already been covered.

It's not in tabular format...duh. People can only read in tabular format and shaded boxes Mani! Stop having faith that the school systems are teaching people how to read plain black type on plain white (or off-white) paper.

[Beware the sarcasm, don't drown in it!]

I don't have any faith that the school system is teaching kids to read. The NM legislator voted down the bill that would've allowed kids to be held back from going into the 4th grade if they couldn't read at that level ('social promotion'). So obviously they didn't care if a kid could read.

I vote for going to cartoon illustrations.