The Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency issued final joint guidance to help insured depository institutions address concerns federal and state bank regulators, consumers ...The Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. and the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. issued final joint guidance to help insured depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. address concerns federal and state bank regulators, consumers, financial institutions and their trade representatives have raised about overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers protection programs (www.federalreserve. gov/boarddocs/press/bcreg/2005/2005 0218/attachment.pdf). The guidance focuses on how the institutions should address safety and soundness considerations, manage legal risks and apply best practices in administering such programs and offering them to consumers. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion