Pursuant to the Regulatory Flexibility Act, agencies are required to consider the impact of their rules on small entities and to conduct a review of how these rules may have a significant economic impact on small entities. The Bureau of Consumer Financial Protection (“CFPB”) is seeking comments on the Overdraft Rule and its impact on small entities. The Overdraft Rule was issued in 2009 to establish limits on financial institutions’ ability to assess overdraft fees for ATM and one-time debit card transactions when these transactions overdraw a customer’s account. The CFPB is determining what changes, if any, should be made to the Overdraft Rule based on the findings of the economic impact the rule has on small entities.
Comments must be received by July 1, 2019.