Recorded: March 4, 2010
Length: 60 Minutes
A new change in Reg E prohibits banks for charging consumers fees for overdraft payments on ATMs and one-time debit card transactions without their express consent.
"The final overdraft rules represent an important step forward in consumer protection," said Federal Reserve Chairman Ben S. Bernanke. "Both new and existing account holders will be able to make informed decisions about whether to sign up for an overdraft service."
Get the facts to stay in compliance. Join ICBA for an audio conference, Thursday, March 4th, at 11:00 am (Easten) as Ky Tran-Trong, counsel in the Division of Consumer and Community Affairs of the Federal Reserve, briefs banks on what they need to do to be in compliance before the rules take effect July 1, 2010.
The final rules and a model opt-in notice are issued under Reg E, which implements the Electronic Fund Transfer Act.
Speaker: Ky Tran-Trong, is a counsel in the Division of Consumer and Community Affairs of the Federal Reserve. He works on regulations implementing the Electronic Fund Transfer Act, the Truth in Lending Act, the Truth in Savings Act, the consumer financial privacy provisions of the Gramm-Leach-Bliley Act, and the Fair Credit Reporting Act.
For more information, call 800-422-7285.