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News Now

Washington
Comments welcome on overdraft protection regs
WASHINGTON (5/29/08)--Credit unions can comment on a Federal Reserve Board proposal to amend Regulation DD, the Truth in Savings Act (TISA), to require additional disclosures about account terms and costs associated with overdraft protection plans. Although credit unions will not be subject to the Fed’s proposal, TISA requires the National Credit Union Administration (NCUA) to issue a substantially similar rule, according to Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn. She expects NCUA to issue its rule shortly after the Fed finalizes its proposal. The Fed’s proposal is intended to complement and be consistent with the proposal that has also been issued recently by NCUA, the Fed, and the Office of Thrift Supervision that addresses unfair and deceptive practices as they pertain to credit cards and overdraft protection plans. Use the resource link for more information.


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