Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Overdraft disclosure rule mostly mirrors Feds
ALEXANDRIA, Va (7/17/09)—A final rule adopted by the National Credit Union Administration (NCUA) Thursday will require credit unions to disclose on periodic statement the dollar amounts charged for overdraft fees and returned item fees, both for the month and the year-to-date. The NCUA action more closely aligns the federal credit union regulator’s Truth in Savings Act rule and its official staff commentary with that of the Federal Reserve Board's Regulation DD. Until now, only credit unions that promote or advertise payment overdrafts services were required to provide these disclosures. The rule is effective as of Jan. 1, 2010. The final rule will also require credit unions to provide account balance information through an automated system that discloses only the amount of funds available for withdrawal, without including the additional funds that would be available under an overdraft program. The rule also removes current provisions regarding the electronic delivery of disclosures.
Other Resources

RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
17 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
17 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
18 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
19 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
19 hours ago