Free Overdraft Protection Teleconference Posted by AVCU on 3:14 PM

The Federal Reserve Board will host a free audio conference, "Outlook Live", where they will discuss its recently enacted final rules on overdraft protections. The audio conference is scheduled for December 10 from 1:00 pm until 2:00 p.m. Eastern Time (ET).

The Fed rules, which will come into effect on July 1 2010, will require credit unions and other financial institutions to obtain consent from consumers before they could be charged overdraft fees for ATM and one-time debit transactions and also require credit unions and other financial institutions to fully disclose the overdraft services, the fees, and the consumer's right to opt-in to the overdraft program. The Fed’s new rule is applicable to all credit unions that assess any fee for overdrafts caused by ATM or debit transactions.

The speakers will be Federal Reserve Managing Counsel David Stein and Attorney Dana Miller. Stein and Miller will detail compliance issues and respond to audience questions during the conference. The Fed said it plans to hold additional audio conferences on consumer compliance issues in the future. Legislation that addresses overdraft fees continues to be active in both the House and Senate, so look for more information on further overdraft legislation to be forthcoming.

To register for the audio conference, use the following link: http://www.frbsf.org/banking/audioconf/122009/index.html.