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CUNA Regulatory Comment Call

September 21, 1999

NCUA will Consider Reg DD Rule at the November 18th Meeting

Last month, the Fed issued an interim final rule under Regulation DD (Truth-in-Savings) for the limited purpose of allowing consumers to elect to receive periodic account statements by electronic means. The NCUA Board will consider an identical rule for credit unions at its November 18th Board meeting. The Truth-in-Savings Act requires NCUA to adopt rules similar to those of the Fed, taking into account the unique nature of credit unions.

The interim final rule adopted by the Fed is consistent with the existing interim final rule for Regulation E regarding electronic disclosures. Institutions commonly provide the Regulation E and Regulation DD periodic statements in a single document. The interim final rule for Regulation DD will allow these institutions to continue this practice in an electronic format.

A Regulatory Comment Call will be issued after the November Board meeting. If you have any questions, please contact CUNA's Assistant General Counsel Jeffrey Bloch at jbloch@cuna.com.