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CUNA comments on Feds reimbursement revisions
WASHINGTON (10/14/09)--An analysis of a final rule addressing amendments to the Federal Reserve's Regulation S, the Right to Financial Privacy Act, is now available on the Credit Union National Association's (CUNA) website. Regulation S establishes the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act. The Regulation S revision amends the personnel fees that may be charged for searching and processing document requests to $22 per hour for clerical or technical support, $30 per hour for specialized computer support, and $30 per hour for support from a manager or supervisor. These rates would be adjusted every three years, beginning on September 30, 2012. The Fed rules will become effective on July 1, 2010. For more detailed analysis of the new rules, use the resource link.


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