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Help from CUNA on credit card overdraft restrictions
WASHINGTON (7/14/08)—National Credit Union Administration (NCUA) officials will be on hand to offer guidance in July as the Credit Union National Association (CUNA) provides information for credit unions on proposed restrictions for credit cards and overdraft plans. CUNA has organized a July 28 audio conference on the emerging issues surrounding the planned restrictions. The hour-and-a-half session will be conducted from 2-3:30 p.m. ET. The range of topics will include:
* The joint plan issued by the NCUA, Federal Reserve Board, and the Office of Thrift Supervision that will prohibit a number of credit card practices and will impose restrictions on overdraft protection plans; * Details of the credit card proposals, such as: time periods for making payments, payment allocations, interest rate increases on outstanding balances, fees resulting from credit holds, methods for computing balances that are subject to interest charges, excessive security deposits and fees that are charged when credit is issued, and advertisements that include multiple interest rates and multiple credit limits; * Details on the overdraft protection plan restrictions, such as: requirements that consumers be provided an opportunity to “opt-out” of the plan, address fees resulting from holds on debit card transactions, and receive disclosure requirements in periodic statements; and * Two separate but related Fed proposals to amend Regulation Z, the Truth in Lending Act, Regulation DD, and the Truth in Savings Act.
Scheduled audio conference speakers include the following:
* Tonya Green, NCUA staff attorney in the Operations Division of the Office of General Counsel. Her responsibilities include providing interpretations of the Federal Credit Union Act and NCUA Rules and Regulations to the agency and outside parties; advising the Board and NCUA staff on general legal matters; and drafting regulations designed to ensure the safety and soundness of credit unions; * Ross Kendall, a member of the NCUA’s office of general counsel, who has more than twenty-five years of experience in the law of financial institutions, including both private practice and as a regulator; * Matt Biliouris, who as program officer in the NCUA Office of Examination & Insurance addresses various issues involving the agency’s examination program, with a specialized focus on BSA, lending, and consumer compliance; * Mike Long, vice president of lending at the University of Wisconsin CU, chairman of the CUNA Lending Council Regulation and Legislation Committee, and member of the CUNA Consumer Protection Subcommittee; * Mary Dunn, CUNA senior vice president of regulatory advocacy and deputy general counsel. Dunn regularly represents credit union interests before the NCUA, the Federal Reserve Board, and other federal agencies; and * A Federal Reserve representative.
For more details and to register, use the resource link below.
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