NCUA Amends TISA Overdraft Protection & Electronic Disclosures Posted by AVCU on 6:11 PM

CUNA issued a Final Analysis today of NCUA’s amendment of its Truth-In-Savings Act that incorporates two recent final rules issued by the Federal Reserve under Reg. DD. Here’s the Executive Summary:

• NCUA amended its Truth in Savings Act (TISA) rules to incorporate 2 recent final rules 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. The only difference would be rules that address the unique nature of credit unions and limitations in which they pay dividends on member accounts.
• The two new rules address disclosure requirements for overdraft protection plan fees and electronic disclosures.
• In 12/08 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 details.
• The other rule to the electronic delivery of TISA disclosures. Click here for more information.
• The effective date of NCUA’s rule will be 1/01/10.

NCUA’s official rule can be read here.