Cities for Financial Empowerment Coalition Stresses Overdraft Legislation as a Top Priority

The CFE Coalition urged Congress to pass legislation requiring banks to obtain the consent of their customers before enrolling them in fee-based overdraft protection plans, noting the urgency of federal legislation to strengthen the newly issued Federal Reserve Board rules on overdraft. In addition, the CFE Coalition urged Congress to require real-time choice not only at ATMs, but also for debit card purchases.

Cities for Financial Empowerment Coalition Urges Creation of the Consumer Financial Protection Agency (CFPA)

The 10 member cities of the CFE Coalition urged Congress to create the CFPA to improve access to safe and affordable financial products and increase fairness and transparency in the financial services industry.

Cities across the Nation Call for Overdraft Protection Reform
In formal comments to the Board of Governors of the Federal Reserve System, CFE strongly supported new regulations requiring banks to obtain consent from new account holders before enrolling them in fee-based overdraft protection plans, ending the practice of automatic “courtesy” enrollment. CFE further supported giving existing account holders a choice about whether or not to participate in costly “courtesy” overdraft programs.