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NCUA provides CUs with opt-in guidance
ALEXANDRIA, Va. (8/4/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz on Tuesday strongly encouraged credit unions “to notify members of their opportunity to ‘opt in’ to overdraft protection before the Aug. 15 deadline.” Matz’s comments were accompanied by a sample overdraft disclosure form that, according to the NCUA, provides “a succinct explanation of the options available to protect consumers in the event their account is overdrawn.” A similar notice was provided by the Federal Reserve Board earlier this year. NCUA said that while credit unions will not be forced to use this particular disclosure, the disclosure is “a convenient way to provide the required notice to members.” The Reg E changes prohibit the assessing of overdraft fees without the consumer's affirmative consent. This prohibition applies to all institutions that charge such fees for ATM and one-time debit card overdrafts. The Reg E changes also address sustained overdraft, negative balance, or similar fees associated with paying overdrafts, and clarify that institutions are not prohibited from assessing a fee when a negative balance is attributable in whole or in part to a transaction that is not subject to the fee prohibition. For the NCUA release, use the resource link.
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