CUNA Regulatory Comment Call
April 2, 2009
NCUA Proposal to Amend Truth in Savings Act Rules for Overdraft Protection and Electronic Disclosures
- The National Credit Union Administration (NCUA) is proposing to amend its Truth in Savings Act (TISA) rules to incorporate two recent final rules that were issued by the Federal Reserve Board (Fed) under Regulation DD. TISA requires NCUA to issue rules that are substantially similar to the Fed's TISA rules that it issues under Regulation DD. The only differences would be those that address the unique nature of credit unions and the limitations in which they pay dividends on member accounts.
- The two rules addressed in NCUA's proposal are those that impose disclosure requirements for overdraft protection plan fees and those that address electronic disclosures.
- In December 2008, the Fed issued a final rule regarding the disclosure of overdraft fees on periodic statements and the disclosure of balance information through automated systems. Click here for more information about this rule:
- There are no significant differences between NCUA's proposal and the Fed's recent rule. The effective date for these provisions on overdraft fee disclosures will be January 1, 2010, which is the same date that applies under the Fed's rule.
- The other Fed rule that NCUA's proposal addresses is the one the Fed issued in October 2007 that applies to the electronic delivery of TISA disclosures. Click here.
- As with the overdraft fee disclosures, there are no significant differences between NCUA's proposal and the Fed's rule, although the effective date of NCUA's rule will be 30 days after the final version is issued.
- Comments on NCUA's proposed rule will be due by May 26, 2009. Please submit your comments to CUNA by May 15, 2009.
Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Senior Vice President and Deputy General Counsel Mary Dunn at firstname.lastname@example.org and to Senior Assistant General Counsel Jeff Bloch at email@example.com; or mail them to Mary and Jeff in c/o CUNA's Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, Suite 600, Washington, DC 20004-2601. You may also contact us at 800-356-9655, ext. 6032, if you would like a copy of the proposed rule, or you may access it here.
QUESTIONS TO CONSIDER REGARDING NCUA's PROPOSED TISA RULES
- Are there any aspects of this proposal that should be changed to take into account
the unique nature of credit unions and the limitations in which they pay dividends on
- Other comments?
Eric Richard General Counsel (202) 508-6742 firstname.lastname@example.org |
Mary Mitchell Dunn SVP & Deputy General Counsel (202) 508-6736 email@example.com
Jeffrey Bloch Assistant General Counsel (202) 508-6732 firstname.lastname@example.org
Luke Martone Senior Regulatory Counsel (202) 508-6743 email@example.com