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NCUA | RIN: 3133-AF20 | Publication ID: Spring 2021 |
Title: Overdraft Policy | |
Abstract:
The NCUA Board (Board) issued a proposed rule to amend one of the requirements that a federal credit union (FCU) must adopt as a part of their written overdraft policy. Specifically, the propose d rule would modify the requirement that an FCU’s written overdraft policy establish a time limit, not to exceed 45 calendar days, for a member to either deposit funds or obtain an approved loan from the FCU to cover each overdraft. The proposed rule would remove the 45-day limit and replaces it with a requirement that the written policy must establish a specific time limit that is both reasonable and applicable to all members, for a member either to deposit funds or obtain an approved loan from the credit union to cover each overdraft. Consistent with U.S. generally accepted accounting principles (GAAP), overdraft balances should generally be charged off when considered uncollectible. The comment period closed, and the Board is reviewing the public comments in anticipation of a potential final rule. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 701 | |
Legal Authority: 12 U.S.C. 1752(5) 12 U.S.C. 1755 to 1759 12 U.S.C. 1761a to 1761b 12 U.S.C. 1766 to 1767 12 U.S.C. 1782 12 U.S.C. 1784 to 1789 15 U.S.C. 3717, sec. 701.6 15 U.S.C. 1601 et seq., sec. 701.31 42 U.S.C. 1981 42 U.S.C. 3601 to 3610 42 U.S.C. 4311 to 4312, sec. 701.35 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-recently-final-regulations/recent-final-interim-final | |
RIN Data Printed in the FR: No | |
Agency Contact: Thomas I. Zells Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 548-2478 Fax:703 518-8566 Email: tizells@ncua.gov |