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News Now

Washington
Comment sought for proposed rules on credit overdraft programs
WASHINGTON (5/21/08)--The Federal Register Monday published four call-for-comment letters regarding proposed rules for credit and overdraft programs. They include:
* A joint proposal by the National Credit Union Administration (NCUA) and the Federal Trade Commission (FTC) to ban unfair and deceptive credit card and overdraft practices (see related story). Comments must be received by Aug. 4; * A Fed proposal to amend Regulation DD, which implements the Truth in Savings Act. The amendment would require that financial institutions disclose periodically the dollar amounts charged for overdraft fees and returned-item fees, monthly and yearly. Comments are due by July 18; * A Fed proposal to amend Regulation Z, which implements the Truth in Lending Act, and staff commentary to the regulation. The revisions address disclosures provided with credit card applications and solicitations. Comments are due by July 18; and * A joint proposal by the Federal Reserve Board and the FTC that would implement Section 311 of the Fair and Accurate Credit Transactions Act (FACT) of 2003, which amended the Fair Credit Reporting Act (see related story). Comments are due by Aug. 18.
The Credit Union National Association has written comment letters on FACT and Regulation Z. For more information, use the links.


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