Five trade groups representing banks and credit unions on September 30 called on the Consumer Financial Protection Bureau (Bureau) to release and accept comments on a draft survey as part of its proposed study of overdraft protection services.
The Bureau said it planned to conduct a survey of 8,000 individuals but did not release the draft survey with its proposal as federal guidance requires.
The trade groups wrote: "[W]e are concerned that the Bureau did not include in its submission to the Office of Management and Budget (OMB) a draft survey instrument on which the public could comment, despite OMB guidance requiring publication of the survey simultaneous with the Bureau’s request for comment. We urge the Bureau to re-submit its information collection request with the draft survey instrument."
The five trade associations signing the letter are the American Bankers Association, the Consumer Bankers Association, the Financial Services Roundtable, the Independent Community Bankers of America, and the National Association of Federal Credit Unions.
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