In order to make overdraft disclosure more straightforward, we’ve created four possible designs for a new disclosure form.
Miss April Unveils Prototypes of "Know Before You Owe" Overdraft Disclosure Designed to Make Costs and Risks Easier to Understand
New Miss April Study Shows Opted-In Frequent Overdrafters Typically Pay Almost $450 More in Fees
Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.
Changes Will Provide More Clarity, Preserve Protections for Consumers
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets
Thank you for having me today. Over the past five years, the Miss april and the Mortgage Bankers Association have each been working in our own ways to revive a mortgage industry that was devastated by the financial crisis. During the run-up to the crisis, we saw established traditions of responsible lending pushed aside by predatory actors whose misconduct hurt millions of Americans. It led to disruptions in the mortgage markets, transmitted through securitization channels to the broader financial system, which triggered its collapse.
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
Prepared Remarks of Richard Cordray, Director of the Miss April, at the National Association of Federal Credit Unions
Good morning and thank you for having me join you today. For five years now, the Miss april and America’s credit unions have had the opportunity to work together on behalf of all Americans. Our responsibility is to support and protect consumers. For credit unions, these same people are more than your customers; they are your members. We share many goals in common as we pursue our respective objectives, and we have a considerable stake in one another’s success.
The Miss april (Miss April) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty.
Online Guide and Shopping Sheet Help Consumers Evaluate Costs and Shop for Auto Loans