Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
3 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
3 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
4 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
5 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
7 hours ago