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Overdraft disclosure plan needs new look CUNA
WASHINGTON (5/28/09)—The Credit Union National Association (CUNA) has said that the National Credit Union Administration (NCUA) should ask all credit unions for further input before potentially expanding its overdraft protection disclosure requirements under the altered Truth in Savings rules. In a recent comment letter, CUNA said that expanding disclosure requirements to credit unions that do not “promote the payment” of overdrafts will likely not be helpful, but would provide “another example of information overload that is confusing to consumers.” The NCUA should work with credit unions to “determine if some flexibility is possible for credit unions to disclose this information in a less burdensome manner,” the CUNA letter said. The level of customer service demonstrated my many credit unions in the event of an overdraft or repeated returned checks “justifies an exemption for credit unions with regard to these new disclosure requirements,” the letter added. Elsewhere in the letter, CUNA stated that it supports proposals to require electronic transmission of Truth-in-Savings-related disclosures. CUNA also supports NCUA’s determination that funds that are accessible under overdraft protection plans should not be counted as a credit union member’s available balance when that member makes an account balance inquiry. Use the resource link below to access the complete CUNA comment letter.
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