CFPB Actions Could Drive Consumers to Payday Lenders
Gigi Hyland, Executive Director of the National Credit Union Foundation and former NCUA Board Member, warned a group of attendees at the CUNA GAC that over regulation on the part of the CFPB on overdraft accounts could result in credit unions eliminating overdraft services and driving consumers to payday lenders to meet short falls. On the other hand, Ms. Hyland also warned that many financial institutions, including credit unions, have relied too heavily on overdraft fee income rather than focusing on whatâs best for individual consumers. [2/25/16]c
