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ARTICLE · 30 JUNE 2005

Federal Banking Agencies Issue Guidance on Overdraft Protection Programs

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The federal banking agencies recently issued joint guidance regarding the disclosure and administration of overdraft protection programs. The Office of Thrift Supervision ("OTS"), however, issued separate guidance just days before the release of the joint agency guidance. The following article summarizes key points of each guidance and highlights some of the important differences between them.

United StatesFinance and Banking
Maya Wilson
Maya Wilson
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Originally published April/May 2005

The federal banking agencies recently issued joint guidance regarding the disclosure and administration of overdraft protection programs. The Office of Thrift Supervision ("OTS"), however, issued separate guidance just days before the release of the joint agency guidance. The following article summarizes key points of each guidance and highlights some of the important differences between them.

Joint Guidance on Overdraft Protection

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, "Agencies") issued Joint Guidance on Overdraft Protection Programs ("Joint Guidance") to address issues concerning a service offered by insured depository institutions that is often referred to as "bouncedcheck protection" or "overdraft protection." 70 Fed. Reg. 9127 (Feb. 24, 2005). The Joint Guidance comes at a time when

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