Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Tech. advances don't dampen consumer #cybersecurity concerns #NewsNow http://t.co/HNn4Hojadv
10 hours ago
.@TheNCUA board unanimously voted today to designate board member Rick Metsger as vice chairman, effective immediately.
11 hours ago
We really want to hear from our readers. Please take the News Now survey: http://t.co/BYiQ5vr5Ob
12 hours ago
Advanced technologies don't quell cybersecurity fears #NewsNow http://t.co/ZJ20bimRvv
12 hours ago
.@CentralMaineCom reports #creditunions have issued thousands of new cards to proactively protect members from Home Depot data breach.
14 hours ago