Regulatory Advisory Committee Meeting Summary

The GoWest Regulatory Advisory Committee recently met, welcoming guests from the Consumer Financial Protection Bureau (CFPB) and the California and Nevada Credit Union Leagues. The meeting served as a platform for discussions and insights into key regulatory issues affecting the financial sector. 

Representing the CFPB were Amy Zirkle, Senior Program Manager of Payments and Deposits in the Office of Consumer Credit, Payments and Deposits Markets, and Austin Mueller, Financial Analyst. They presented the recently releasedODP spotlight, accessible here, which reviewedtrends in Overdraft Protection (ODP) and Non-Sufficient Funds (NSF) fees from banks between 2019 to 2023. The data revealed a significant decrease in revenue, amounting to over $6 billion annually compared to pre-pandemic levels. 

Robert Wilson, Senior Vice President of State Government Affairs at the California and Nevada Credit Union Leagues, shared background and color on the hostile media and policy stance California Credit Unions are facing due to higher Overdraft/NSF income relative to banks. These include insights into Senate Bill 1075, effective strategies for managing local and national press engagements, and an overview of the prevailing sentiment within the credit union industry. 

Additionally, the committee engaged in discussions on critical regulatory issues such as Debit Interchange and call reporting on ODP and NSF fees. These discussions underscored the committee’s commitment to fostering informative exchanges and collaborative efforts aimed at shaping regulatory strategies for the benefit of the credit union community and its members. 

Looking ahead, the next Regulatory Advisory Committee Meeting is scheduled for July. The meeting will prioritize reviewing rulemaking agendas, discussing avenues to enhance examinations, and setting regulatory priorities, that will advance the interests of credit unions and their members.

Posted in Advocacy on the Move, Regulatory Advocacy.