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News Now

Washington
CU comment sought on FTC disclosure plan
WASHINGTON (3/25/09)--The Credit Union National Association (CUNA) issued a comment call on a Federal Trade Commission (FTC) proposal that somewhat eases an agency rule requiring financial institutions without federal share or deposit insurance disclose this to customers. The comment period ends June 5. The FTC had issued a proposed rule in 2005 as part of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to require such disclosure but it was not adopted--in part, because enactment of the 2006 Financial Services Regulatory Relief Act (FSRRA) addressed many of the concerns that were raised by CUNA and others in response to the proposed rule. The agency has now decided to issue a new proposal to incorporate the changes outlined in the FSRRA. The FSRRA continues to require financial institutions that lack federal insurance to disclose this to consumers. However, the proposed change would allow institutions under certain circumstances to provide notice instead of obtaining the signed acknowledgement. CUNA is especially interested in comments to these specific issues raised by the FTC proposal:
* What are the costs and burdens of the proposed rule and what changes should be made to increase benefits for consumers? * The rule does not include specific requirements regarding the size and format of the regulatory disclosures, other than that they be “simple and easy to understand.” Should this rule provide more specific requirements, and if so, what should they be?
Use the resource link below to read the complete comment call.


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