NCUA Board Agenda Includes Overdrafts

The NCUA was scheduled to issue rules on overdraft protection to align its rules with those of the Federal Reserve and other financial regulators at its meeting last Thursday.The rules, which will take effect next July, require credit unions to include in their statements to members the amounts charged for overdrafts and returned items during that month and during the year. It also requires credit unions to provide account balances on ATMs that only include the amount in the account without including funds available through an overdraft program.The agency’s monthly meeting took place after Credit Union Times went to press and information about the results can be found at www.cutimes.com.The board was also scheduled to consider Citadel Federal Credit Union’s application to expand its community charter.The Thorndale, Pa.-based federal credit union, was founded in 1937 as the Lukens Steel Co. Employees Credit Union and became a community credit union in 1983.Board members were also scheduled to hear a report on the state of the National Credit Union Share Insurance Fund.Following the public meeting, the board was scheduled to meet in executive session to consider an insurance appeal and to discuss two supervisory matters.–[email protected]