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Washington
Fed sets overdraft protection audio conference
WASHINGTON (12/2/09)--The Federal Reserve Board will discuss its recently enacted final rules on overdraft protections during its "Outlook Live" Audio Conference, which is scheduled for Dec. 10 from 1 until 2 p.m. ET. The Fed rules, which will come into effect on July 1, would require credit unions and other financial institutions to obtain consent from consumers before they could be charged overdraft fees for ATM and one-time debit transactions and also require credit unions and other financial institutions to fully disclose the overdraft services, the fees, and the consumer's right to opt-in to the overdraft program. Federal Reserve Managing Counsel David Stein and Attorney Dana Miller will detail compliance issues and respond to audience questions during the conference. The Fed said it plans to hold additional audio conferences on consumer compliance issues. While legislation that could address overdraft fees remains active in both the House and Senate, the Credit Union National Association has said that a regulatory approach to these issues is far preferable than legislative initiatives. To register for the audio conference, use the resource link.
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