Compliance 101 examines NCUA’s Truth in Savings regulation
The Truth in Savings Act (TISA)—and its implementing rules and regulations—get an in-depth look in the latest edition of Compliance 101.
NCUA’s TISA regulation contains several disclosure requirements, including account-opening disclosures, change-in-terms notices, periodic statements (as applicable), and account-maturity notices for term share accounts. It also includes requirements related to advertising, overdraft protection practices, the payment of dividends, and record retention.
Compliance 101 details parts of NCUA’s Truth in Savings regulation (12 CFR Part 707), including:
- Key definitions;
- General disclosure requirements;
- Account disclosure requirements;
- Subsequent disclosures;
- Periodic statements;
- Payment of dividends;
- Advertisements; and
- Record retention.
The guide does not cover the overdraft portion of NCUA’s TISA regulation. That will be part of a separate, future guide.
The America’s Credit Unions’ series regularly tackles compliance basics, with a focus on common challenges credit unions face every day.
The compliance team updates America’s Credit Unions’ Compliance Blog twice per week, maintains a member-only Compliance Library, and is available to answer questions at compliance@americascreditunions.org.