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.
NAFCU members, the following is for you.