Please join us for our first compliance class of the year. During this class we will fully explore regulations affecting deposit accounts.
NCUA regulation 12 CFR 707/Truth in Savings Act:
- Covered accounts
- The difference between dividends and interest
- Required terminology
- How to properly calculate account earnings
- Required disclosures including those for new accounts, periodic statements, maturity notices and change in terms notices
- Overdraft plan requirements
- Deposit account advertising rules
Expedited Funds Availability Act/Regulation CC (Check Holds):
- Funds availability rules including general availability, next day availability and exception holds.
- Disclosure requirements for new accounts, check holds, changes in terms, lobby notices and ATM notices
- Check 21 rules
Electronic Funds Transfers/Regulation E:
- Types of EFTs covered by the regulation
- Disclosure requirements for new accounts, periodic statements, changes in terms, error resolution and terminal receipts
- Rules for preauthorized transfers
- Error resolution procedures
- Member and credit union liability for unauthorized EFTs
- Opt-in requirements for overdraft coverage of ATM and POS transactions
We will also cover Regulation D/Excessive withdrawals and NCUA deposit insurance rules.