Overdraft Lending: Very Large Financial Institutions

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Consumer Financial Protection Bureau 12 CFR Parts 1005 and 1026 [Docket No. CFPB-2024-0002] RIN 3170-AA42 AGENCY: Consumer Financial Protection Bureau. ACTION: Proposed rule; request for public comment. SUMMARY: The Consumer Financial Protection Bureau (CFPB) proposes to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions, thereby ensuring that extensions of overdraft credit adhere to consumer protections required of similarly situated products, unless the overdraft fee is a small amount that only recovers applicable costs and losses. The proposal would allow consumers to better comparison shop across credit products and provide substantive protections that apply to other consumer credit. DATES: Comments must be received on or before April 1, 2024. ADDRESSES: You may submit comments, identified by Docket No. CFPB-2024-0002 or RIN 3170-AA42, by any of the following methods: Federal eRulemaking Portal: https://www.regulations.gov . Follow the instructions for submitting comments. A brief summary of this document will be available at https://www.regulations.gov/​docket/​CFPB-2024-0002 . Email: 2024-NPRM-OVERDRAFT@cfpb.gov . Include Docket No. CFPB-2024-0002 or RIN 3170-AA42 in the subject line of the message. Mail/Hand Delivery/Courier: Comment Intake—2024 NPRM Overdraft, c/o Legal Division Docket Manager, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. Instru…