Odds and Ends, and Electronic Alphabet Soup

Late last week, the Federal Reserve announced final rules to amend Regs B, E, M, Z and DD.  The amendments address the delivery of electronic disclosures.   Here's the Fed's press release, which includes links to each final rule.  Remember, NCUA has to ensure that our Truth in Savings rule closely mimics their Reg DD, so expect changes in the not too distant future. 

While amendments to all these regs may seem dauting, it really is a good thing.  For example, the changes generally will allow credit unions to give electronic disclosures to members who access applications or advertisements electronically.  Mandatory compliance with this regs will be October 1, 2008.  

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NAFCU members, the following is for you.

• The November BSA Blast is available here.   (NAFCU member log in needed.)
• NAFCU's Regulatory Affairs Department has updated a very useful tool.  Especially those who lose track of which FACT Act provisions are on the books and which are not.  Access a handy-dandy chart on this page (Scroll to bottom.)

Comments

[janet]

Regarding the recent changes to Reg E exempting merchants from providing receipts for debit card transactions under $15: are CUs required to notify their Members of this change? Thank you.

[The Compliance Guy]

That is a negative! (But beware of your own disclosures. Have you disclosed the fact that your member will always get a receipt when they use an ATM or debit card? If you have, you may need to take that into account.)