Mark Colley, president and CEO of Tulsa Postal & Community Federal Credit Union, and Rod Staatz, president/CEO of SECU in Maryland are scheduled to testify at tomorrow's hearing on revamping the rules on overdraft protection programs.
Mark Colley, president/CEO of Tulsa Postal & Community Federal Credit Union is representing NAFCU, Rod Staatz, president/CEO of SECU in Maryland is representing CUNA, Jim Blaine president/CEO of SECU in North Carolina and former NCUA Chairman Dennis Dollar will discuss the bill introduced by House Financial Services Committee Chairman Barney Frank (D-Mass.) and Joint Economic Committee Chairman Carolyn Maloney (D-NY).
The measure would place overdraft protection programs under the Truth in Lending Act and require credit unions and banks to attain customer consent before providing protection, a so-called "opt-in" requirement; ban credit unions and banks from shifting the order of transactions to increase the frequency of overdrafts; and require credit unions and banks inform consumers if a transaction could trigger an overdraft and give them a chance to cancel the transaction.
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CUNA and NAFCU contend the opt-in requirement would add to credit unions' regulatory burden and instead prefer an opt-out provision.
The hearing is scheduled to take place at 9:30 a.m. before the House Financial Services Committee.
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