[Federal Register Volume 77, Number 80 (Wednesday, April 25, 2012)]
[Page 24687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-9851]



[Docket No. CFPB-2012-0007]

Impact of Overdraft Programs on Consumers

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for information; extension of comment 


SUMMARY: On February 28, 2012, the Bureau of Consumer Financial 
Protection (the Bureau) published in the Federal Register a notice and 
request for information regarding the impacts of overdraft programs on 
consumers (the Overdraft Notice). The Overdraft Notice allowed a 60-day 
comment period, closing on April 30, 2012. To allow parties more time 
to consider and craft their responses, the Bureau has determined that 
an extension of the comment period until June 29, 2012, is appropriate.

DATES: The comment period for the Overdraft Notice published February 
28, 2012, at 77 FR 12031, is extended. Responses must now be received 
on or before June 29, 2012.

ADDRESSES: You may submit comments by any of the following methods:
     http://www.regulations.gov. Follow the instructions for 
submitting comments.
     Email: [email protected].
     Mail/Hand Delivery/Courier: Monica Jackson, Office of the 
Executive Secretary, Bureau of Consumer Financial Protection, 1700 G 
Street NW., Washington, DC 20552.
    Instructions: Please submit your comments or responses using only 
one method. The Bureau encourages the early submission of comments. All 
submissions must include the document title and docket number. Please 
note the number of any question to which you are responding at the top 
of each response (respondents need not answer each question). In 
general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public 
inspection and copying at 1700 G Street, NW., Washington, DC, 20552, on 
official business days between the hours of 10 a.m. and 5 p.m. Eastern 
Time. You can make an appointment to inspect the documents by 
telephoning 202-435-7275. All comments, including attachments and other 
supporting materials, will become part of the public record and subject 
to public disclosure. Sensitive personal information such as account 
numbers or Social Security Numbers should not be included. Comments 
will not be edited to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: For general inquiries, submission 
process questions, or any additional information, please contact Monica 
Jackson, Office of the Executive Secretary, 202-435-7275.

SUPPLEMENTARY INFORMATION: On February 28, 2012, the Bureau published 
the Overdraft Notice in the Federal Register.\1\ The Overdraft Notice 
requested information from the public regarding overdraft programs and 
their costs, benefits, and risks to consumers. The Overdraft Notice 
posed several questions to understand:

    \1\ 77 FR 12031.

     Lower cost alternatives to overdraft protection programs;
     Consumer alerts and information provided regarding 
balances and overdraft triggers;
     Impacts of changes to Regulation DD, Regulation E, and 
Overdraft opt-in rates;
     Impacts of changes in financial institutions' operating 
     The economics of overdraft programs; and
     Long-term impacts on Consumers.
    The comment period for the Overdraft Notice was to close on April 
30, 2012.
    The Bureau received written requests from two industry trade groups 
for an extension of the Overdraft Notice comment period.\2\ The request 
letters indicated more time would enable a higher quality response and 
yield greater insight to the Bureau. The letters also pointed out that 
the Bureau's study of overdrafts is not governed by a statutory 

    \2\ Letter to Monica Jackson (Mar. 30, 2012), signed by Richard 
M. Whiting, Executive Director & General Counsel of the Financial 
Services Roundtable; letter to David Silberman (Apr. 10, 2012), 
signed by Richard R. Riese, Senior Vice President, Center for 
Regulatory Compliance, American Bankers Association.

    The Bureau believes that it is important to allow interested 
persons more time to consider the issues raised in the Overdraft Notice 
and prepare their responses. Accordingly, the Bureau is extending the 
period allotted for comments received pursuant to the Overdraft Notice. 
The comment period will now close on June 29, 2012.

    Dated: April 18, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2012-9851 Filed 4-24-12; 8:45 am]