ALEXANDRIA, Va. (3/13/09)—The National Credit Union Administration (NCUA) announced Thursday that it will issue a Truth in Savings proposal at its March 19 meeting and is expected to align itself with a Federal Reserve Board rule addressing overdraft protection plans. The Fed rule, effective July 1, 2010. requires financial institutions to:
* Disclose on a periodic statement the dollar amounts charged for overdraft fees and returned item fees, both for the month and year-to-date; and * 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 Truth in Savings Act requires NCUA to issue rules that are substantially similar to the ones the Fed issues. Also on the NCUA open board meeting agenda:
* A request from Citadel FCU for a community charter expansion; * A proposed rule on credit union reporting (.Parts 741, 748 and 749 of NCUA’s rules and regulations); * A final rule on the agency’s Regulatory Flexibility Program (Part 742); and * The National Credit Union Share Insurance Fund monthly report.
The meeting is scheduled for 3 p.m. (ET), a break from the normal schedule of 10 a.m. (ET) meetings.