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
Of $1.3B in payments through mobile devices, 90% occurred at @Starbucks stores http://t.co/MN49JR1NXK
14 hours ago
.@LoveBethpage 1st to launch mobile debit/credit card control from @COOPFS http://t.co/kuq7onGuai
15 hours ago
A booming W Okla county gets its first #creditunion @TheHEFCU See #NewsNow http://t.co/svTyMnms0X
18 hours ago
Mortgage interest rates continue slide in September @FHFA http://t.co/agU9RJW5Kq
20 hours ago
Reimagined branches shift to member, not #creditunion, needs: @cunacouncils white paper http://t.co/lN2mu0IVar
21 hours ago