"Outlook Live" Audio Conference
December 10, 2009
1:00-2:00 p.m. Eastern Time
On November 12, 2009, the Federal Reserve Board announced final rules governing overdraft protection programs that go into effect on July 1, 2010. The new rules will enable consumers to limit the costs of overdraft services by providing consumers a choice regarding their institution's payment of overdrafts for ATM and one-time debit card transactions. Key provisions include an opt-in requirement, a prohibition from tying the payment of overdrafts for checks and other transactions to the consumer opting into the overdraft service for ATM and one-time debit card transactions, and a requirement that institutions provide consumers who do not opt in with the same account terms, conditions and features, including price, as provided to consumers who do opt in. The new rules will also require that consumers be provided a clear disclosure of the fees and terms associated with the institution's overdraft service.
Please join us for a discussion of the new rules with Board of Governors legal staff, David Stein, Managing Counsel, and Dana Miller, Attorney. They will present the final rule, discuss compliance issues, and field any questions that you may have. Written questions can be submitted in advance by email, and live questions will be taken from the phone lines during the call.
This audio conference will be the first of an ongoing series of calls focused specifically on consumer compliance issues. The "Outlook Live" Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.
FEDERAL RESERVE SYSTEM
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