Credit union regulator to consider overdraft policy, ownership of joint accounts, prompt corrective action

The federal regulator of credit unions will consider three issues related to its rules and regulations at its next regularly scheduled meeting May 21, focusing on joint ownership of share accounts, overdraft policy, and prompt corrective action, according to filings by the agency.

The agency listed the actions in an agenda of the board’s meeting scheduled to be published Friday in the Federal Register. The agenda also shows the board will hear a quarterly report on the National Credit Union Share Insurance Fund (NCUSIF).

In March, NCUA Board Chairman Rodney Hood signed a letter to credit unions (20-CU-02) outlining strategies credit unions may consider when determining how to work with their members to address the impact and challenges of COVID-19, the coronavirus. Among the strategies the agency suggested was waiver of overdraft fees.

The NCUA Board meeting May 21 is scheduled to begin at 10 a.m.; a closed meeting is scheduled for 11:45 a.m. The agency said that, due to the COVID-19 pandemic, the meeting will be open to the public via live webcast only.

NCUA Board Sunshine Act: Notice of Agency Meeting