Compliance Blog

In January of this year, GAO, that eternal congressional watchdog, released a report that urged federal financial regulators to ensure that consumers are getting their required disclosures when opening savings and checking accounts.  You can access the report here.  Here's the GAO recommendation:

To help ensure that consumers can make meaningful comparisons among depository institutions as intended by TISA, GAO recommends that the federal banking regulators assess the extent to which customers receive disclosures on fees, and account terms and conditions prior to opening an account and incorporate into their oversight, as needed, steps to assure that disclosures continue to be made available. The federal banking regulators agreed with GAO’s recommendation and outlined responsive actions, including working on an interagency basis to revise Regulation DD examination procedures. (Emphasis added.)

NCUA responded (on page 80 of the report) and indicated at the time that they would implement GAO's recommendation through its risk-based examination process and issue a letter to credit unions on the subject, which would underscore a board of directors role in ensuring compliance with Truth in Savings. 

Relatedly, OTS just issued a CEO letter on this issue, which you can access here.

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OK, we are long overdue for a photo contest around here.  Since today is May 1, I'm calling on all of you with green thumbs to send me a pic of your flower garden.  You'll have until May 31 to send in your entry, which can be sent to compliance@nafcu.org.  NAFCU's compliance team will convene a secret meeting to pick a winner, if not two.  And yes, there will be prizes.  I'll post the entries for all to enjoy!