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CUNA issues comment call for TISA rules
WASHINGTON (4/3/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on the National Credit Union Administration’s (NCUA) proposal to amend Regulation DD, the Truth in Savings Act (TISA), to incorporate two recent final rules issued by the Federal Reserve Board. Comments are due to CUNA by May 15. NCUA’s proposal would require credit unions to disclose on periodic statements dollar amounts charged for overdraft fees and returned item fees--for the month and year-to-date. Currently only credit unions that promote or advertise the payment overdrafts are required to disclose this information. The effective date for the overdraft rule is Jan. 1, 2010. The electronic disclosures rule aims to make standards fore electronic delivery of TISA disclosures consistent. It deals with a rule the Fed issued in October 2007 about uniform disclosure standards. The effective date will be 30 days after the final version of the rule is issued. TISA requires that the NCUA adopt regulations similar to those of the Fed, taking into account the unique nature of credit unions and the limitations under which they may pay dividends on member accounts. For more information, use the link.
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