The CFPB has moved its controversial plan to issuerules governing overdrafts to the back burner, the agency said inthe Spring update of its regulatory agenda.

Acting CFPB Director Mick Mulvaney said he has reclassified as“inactive” certain rulemakings that had been listed in previousagendas, adding he expects a permanent director will make decisionson those issues.

That includes any proposals on overdrafts.

“This change in designation is not intended to signal asubstantive decision on the merits of the projects,” the agencysaid.

The CFPB, under former Director Richard Cordray, issuedprototype overdraft statements that simply were suggestions forfinancial institutions to use. The agency said at the time it wasconsidering issuing rules governing overdrafts.

At the time, credit union trade groups urged the bureau tocarefully study the issue, adding that the agency did not includecredit unions in an examination it conducted.

“Credit unions offer overdraft programs as a convenience andaccommodation to their members,” CUNA said at the time, adding,“Further, we encourage the CFPB to continue to study overdraft, soit can gain a better understanding of the benefits consumers derivefrom this product, and the differences between the overdraftproducts offered by credit unions and other financialinstitutions.”

NAFCU Executive Vice President of Government Affairs and GeneralCounsel Carrie Hunt said, “Credit unions actively provide differentservices to fit the daily needs of their membership, whether it besmall-dollar loans, overdraft protection services or other accountservices.”

In the agenda, the CFPB noted it has requested public comment onmany of the agency's functions, and that those comments will bereflected in future agency rulemakings.

The CFPB also said the debt collection market continues to be atop source of complaints filed with the bureau. The agency said itis preparing a proposed rule focusing on the Fair Debt CollectionPractices Act that may deal with such issues as communicationpractices and consumer disclosures.