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NEWS RELEASE
Nov. 12, 2009
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
ABA STATEMENT ON NEW FED RULE REGARDING OVERDRAFT PAYMENT PROGRAMS
by Edward L. Yingling, ABA president and CEO
“This new rule addresses the primary concerns that have been raised by consumers and policymakers and will help bring consistency and clarity to overdraft programs. Our goal is to have a system that works well for banks and customers and keeps the payment system running efficiently.
“As we implement this new rule, we will work hard to balance enhanced consumer protections while retaining the benefits of processing important payments such as utilities, rent and mortgage payments.
“ABA recently created an Overdraft Protection Task Force to look at how current technology might be improved, the role of retail establishments in the process and further ways we might address consumer concerns.”
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.5 trillion in assets and employ over 2 million men and women.
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