We're On It!
As always, IMPACT Financial Services takes a proactive approach to regulatory compliance issues. Over the course of the next weeks and months, we will be communicating our plan of action to address all compliance, design, and technology changes mandated by the new regulations.
We will be communicating this information via multiple media sources such as this website, our client services portal, informational webinars, blast emails, and regular mail.
All our clients should have already received some preliminary email communications. If you have not received such communications, please call our Support Services Department for assistance at (877) 280-9120.
All information that is sent out will also be availalble on our secure client services portal, so be sure to check back regularly for updates.
Portal Login
Click HERE to access our secure client services portal.
If you do not know your user name and password, please contact IFS Support Services at (877) 280-9120.
IFS Update On Upcoming Regulatory Changes in 2010
As part of our commitment to our clients, we are providing information regarding new rules and regulations that become effective next year. There has been a general misconception that many changes and amendments will become effective on that date when in reality only two Regulation DD (Truth in Savings) Amendments become effective in January.
These two requirements are as follows:
- The first Regulation DD amendment expands the requirement to report on periodic statements the totals for overdraft fees and returned item fees to ALL financial institutions. The amendment is applicable whether a financial institution has or does not have an overdraft protection program and whether they promote it or not.
- The second amendment mandates that when an institution shows an account balance through an automated system, that balance CANNOT include ANY additional overdraft funds available to the account holder. The amendment allows institutions to show a second or optional balance that discloses an amount that includes overdraft funds. This second balance would have to be described as “with overdraft funds.”
In addition, The Federal Reserve Board recently announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. These rules become effective July 1, 2010. IMPACT Financial Services is committed to ensuring that you are up to date with compliance updates, best practices, regulatory changes and any consumer issues involving your program. Our compliance and legal departments are reviewing these rules and will contact you to advise of necessary changes.
IMPACT Financial Services recently distributed via email the following two IMPACT Financial Services Regulatory Release documents which explain these important changes in greater detail:
Regulation DD (Truth in Savings)
Amendments Affecting Disclosure Practices Related To Overdraft Services
Final Rules Effective January 1, 2010
Regulation E (Electronic Fund Transfers Act)
Final Overdraft Services Rules
These documents are also being made available to our clients on our secure client services portal. Click the portal login link at left to view the documents.
As always, we are honored to be your Overdraft Privilege partner and sincerely appreciate your business. If you have any questions, or would like to discuss this further, please don’t hesitate to contact your IFS Project Manager. If you are uncertain of who to contact, please call our Support Services Department at (877) 280-9120 for assistance.