by John Alexander, Director of Legislative & Regulatory Affairs
Hey there, just wanted to wish you a Merry Christmas! As of this week, I just wrote my 52nd Memo article to our readers and wanted to say one thing: Your dedication and passion bring hope to members every day. Thank you for making this year brighter—here’s to an amazing year ahead! Registration is still open for Governmental Affairs Conference 2025 Join thousands of credit union professionals in Washington, D.C., where you’ll engage with lawmakers and make a lasting impact on the credit union industry. The Governmental Affairs Conference is the perfect opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of members and communities. Financial Groups Challenge CFPB's Overdraft Fee Cap America's Credit Unions, alongside other financial associations, have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) over its new rule capping overdraft fees at $5 for institutions with assets over $10 billion. The plaintiffs argue that the CFPB has exceeded its authority under the Truth in Lending Act, contending that overdraft services do not constitute "credit" and should not be regulated as such. They also express concern that the rule could limit consumers' access to essential short-term liquidity, potentially driving them toward less regulated financial alternatives. The lawsuit seeks a preliminary injunction to halt the rule's implementation, scheduled for October 2025, pending a final court decision. Stay Connected For more information or to share your perspectives, feel free to contact me. Comments are closed.
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