Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Truth-in-Savings final rule analysis offered by CUNA
WASHINGTON (2/18/09)--The Credit Union National Association (CUNA) has analyzed a final rule by the Federal Reserve Board that addresses disclosures in connection with overdraft protection plans. Although credit unions are not subject to the Fed’s rule, CUNA expects the National Credit Union Administration to issue a similar rule in the future. The final rule--effective July 1, 2010--amends Regulation DD, the Truth in Savings Act. It requires financial institutions to:
* Disclose on a periodic statement the dollar amounts charged for overdraft fees and returned item fees, both for the month and year-to-date; and * Provide account balance information through an automated system that discloses only the amount of funds available for withdrawal, without including the additional funds that would be available under an overdraft program.
In conjunction with this final rule, the Fed also issued a proposal under Regulation E, the Electronic Fund Transfer Act that will provide additional protections relating to the assessment of overdraft fees. These changes will only apply to ATM and debit card transactions. For more information, use the links.


RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
6 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
7 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
7 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
7 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
7 hours ago