Fed’s Amendments to Reg DD for Overdraft Privilege Plans

CUNA
June 1, 2005

The Federal Reserve Board has issued a final rule amending Regulation DD, which implements the Truth in Savings Act, as well as the official staff commentary that accompanies the regulation. The amendments require additional disclosures in connection with overdraft privilege programs. Although credit unions are not covered under the Federal Reserve Board's Regulation DD, the national Credit Union Administration is expected to issue similar rules for credit unions shortly. Attached CUNA's Final Analysis, which provides more information. http://www.cuna.org/regadvocacy/member/analysis/fed053105.html