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News Now

Washington
CUNA analyzes NCUA overdraft electronic disclosures rule
WASHINGTON (9/2/09)--The Credit Union National Association (CUNA) has posted a final rule analysis on the recent addition by the National Credit Union Administration (NCUA) of rules that mirror the standards set forth by the Federal Reserve Board’s recent additions to Regulation DD of the Truth in Savings Act. The NCUA amendments are similar in content to existing Fed standards that impose requirements for overdraft protection plan fees and electronic disclosures. Specifically, the NCUA will require credit unions to disclose on periodic financial statements the amount charged for overdraft fees and returned item fees. Credit unions will also be required 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. CUNA reports that there are “no significant differences” between the NCUA and the Fed rules, barring the fact that the NCUA rules apply to credit unions. The NCUA rules will become effective in January of 2010. For more detailed analysis of the new rules, use the resource link.


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