Overdraft Protection Fee Disclosure
NY-ADR
1/10/07 N.Y. St. Reg. BNK-39-06-00003-A
NEW YORK STATE REGISTER
VOLUME XXIX, ISSUE 2
January 10, 2007
RULE MAKING ACTIVITIES
BANKING DEPARTMENT
NOTICE OF ADOPTION
I.D No. BNK-39-06-00003-A
Filing No. 1571
Filing Date. Dec. 20, 2006
Effective Date. Jan. 10, 2007
Overdraft Protection Fee Disclosure
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Amendment of section 6.8 of Title 3 NYCRR.
Statutory authority:
Banking Law, sections 14-g and 14-h
Subject:
Overdraft protection fee disclosure.
Purpose:
To require a separate clear and conspicuous notice to an accountholder if the account is or will be subject to newly permitted overdraft protection fees.
Text or summary was published
in the notice of proposed rule making, I.D. No. BNK-39-06-00003-P, Issue of September 27, 2006.
Final rule as compared with last published rule:
No changes.
Text of rule and any required statements and analyses may be obtained from:
Sam L. Abram, Secretary to the Banking Board, Banking Department, One State St., New York, NY 10004-1417, (212) 709-1658, e-mail: [email protected]
Assessment of Public Comment
One comment was received from an Albany area resident who commented generally upon bounce protection programs' impact as being pro-bank and anti-consumer. Since the proposed rule was not specifically addressed and the rule in fact is intended to inform consumers of the particulars of such programs, no change from the proposal has been made.
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