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In February 2012, the Consumer Financial Protection Bureau (CFPB)
initiated a broad inquiry into financial institutions' overdraft
programs for consumer checking accounts. This effort included a
public Request for Information (RFI) and a detailed study of
overdraft programs at a small set of large banks that are
supervised by the CFPB. These banks provide a significant portion
of all U.S. consumer checking accounts. Through the CFPB's
supervision program, these banks have provided institution-level
information about their overdraft programs and accounts during 2010
and 2011. Many of the concerns that motivated the CFPB's inquiry
are not new. In response to growing costs to consumers, federal
agencies have addressed these issues in different ways at different
times, which industry has recognized.a Our review is intended to
provide the factual basis to inform efforts to develop more uniform
treatment of these issues across financial institutions.
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