Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance Challenge Overdraft fee notification
WASHINGTON (10/26/09)--In this month’s Compliance Challenge, the Credit Union National Association (CUNA) reminds credit union compliance managers that Federal regulations do not currently require credit unions to send a notice each time that courtesy pay fees or overdraft fees are charged to member accounts. “It is just considered a best practice to do so,” CUNA said. Citing the National Credit Union Administration’s (NCUA) recently issued Legal Opinion Letter No. 09-0608 regarding the Mailing of Insufficient Funds (NSF) / Overdraft Notices to Members, CUNA said that federal credit unions are not required to send a notice each time an NSF or overdraft occurs. However, CUNA added, the NCUA’s Truth in Savings rule does require credit unions to disclose any NSF and overdraft fees that are debited from a member’s account on that member’s periodic financial statement. The fees should also be itemized by fee type and dollar amount, according to the letter. The NCUA has also provided additional guidance on interagency best practices which recommends that federal credit unions promptly notify their members of any overdraft fees. However, this is only guidance and is not an actual regulatory requirement that is enforced by the NCUA. To see the full compliance challenge, use the resource link.


RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 hour ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 hour ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
2 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
3 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
3 hours ago