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Overdraft NSF fees on NCUA Jan. agenda
ALEXANDRIA, Va. (1/7/11)—The first National Credit Union Administration (NCUA) meeting of 2011 will take place on Jan. 13, and part 707 of the NCUA's Rules and Regulations, Truth in Savings, will lead the day’s discussion. The Federal Reserve and the NCUA in 2009 amended their respective Truth in Savings regulations to require all financial institutions to disclose on the periodic statement the fees charged for overdraft services and the fees charged for returning items unpaid, both for the statement period and for the year-to-date. Responding to the proposed changes, the Credit Union National Association (CUNA) last August recommended that the NCUA allow credit unions to refer to overdraft fees on periodic statements as “Total Overdraft Fees for Paid Items” instead of “Total Overdraft Fees,” a difference that would further distinguish paid overdraft items from items that are returned unpaid and that are also required to be disclosed. The agency should also afford credit unions the flexibility to use either the NCUA’s revised sample overdraft and returned item fee form or the original form when producing the required disclosures. The agency’s yearly performance budget and guidelines for the NCUA’s supervisory review committee are also on the agenda, as is the customary review of the agency’s credit union share insurance fund. The NCUA has also released the schedule for its additional 2011 meetings, with the second and third meetings of the year taking place on February 17 and March 17, and the majority of the spring and early summer meetings will take place near the middle of the month. The agency will take its customary August break before returning for the fall and winter meetings. For the full NCUA agenda and the NCUA’s 2011 meeting schedule, use the resource links.
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