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News Now

Washington
Overdraft fee disclosure rule OKd by NCUA
ALEXANDRIA, Va. (3/20/09)--A proposed rule that would require credit unions to disclose on periodic statements the dollar amounts charged for overdraft fees and returned items was approved by the National Credit Union Administration (NCUA) board at its monthly meeting Thursday. It also would 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 and overdraft program. The rule would amend NCUA’s Truth in Savings Act (TISA) to align it with the Federal Reserve Board’s Regulation DD. Electronic disclosure provisions would be effective within 30 days of a final rule. However, the provisions changing disclosure requirements for overdraft fees would not be effective until Jan. 1, 2010, to maintain parity with Regulation DD. Also at the meeting, the NCUA presented its monthly report on t he National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF’s equity level is at 1.28% and is expected to increase to 1.30% and remain at that level through 2009, precluding the possibility of an NCUSIF dividend to federally insured CUs, NCUA said.


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