TIS regs, 'low income' definition, budget changes adopted by NCUA
The National Credit Union Administration (NCUA) at its July open Board meeting officially adopted an interim final rule amending its Truth in Savings regulations to reflect recent clarifications that were made by the Federal Reserve (Fed).
The Truth in Savings Act requires the NCUA to establish regulations substantially similar to those established by the Fed within 90 days of the effective date of the Fed's rules.
Specifically, the Fed earlier this year amended Regulations DD and E. Regulation DD addresses depository institutions' disclosure practices related to overdraft services, including balances disclosed to consumers through automated systems. Regulation E prohibits fees for overdrafts in connection with ATM and one-time debit card transactions, unless the consumer agrees or "opts-in" to these fees.
The NCUA's interim final rule will become effective 30 days after it is published in the Federal Register, but NCUA staffers said that the agency will accept comments for a 60 day period.
