CFPB's proposals to cut big banks' OD fees

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Question:

When is the CFPB likely to issue a final regulation making banks over $10 billion in assets cut their overdraft fees back to a breakeven amount or start treating overdrafts as extensions of open-end credit subject to Regulation Z?

Answer:

Remember that there were more than 48,000 comments submitted on
the proposed rule. A lot of those comments were duplicates, and, while I have
not taken the time to see whether the majority of comments are for or against the
proposal (or totally unrelated, which will always happen for some comments on a
hot topic like this), it is reasonable to say that it will take the Bureau many
months. Whether and when something happens may be dependent on the
November election results, since Congress has an opportunity through the
Congressional Review Act to undo regulations and amendments.

My response would be the same if your question were about the CFPB’s
proposed new regulation that would bar banks from adopting a new fee for
denials of authorization requests for ATM or POS withdrawals or purchases. That
proposal received over 7,500 comments and could, I believe, also be affected by
election results.