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Online reporting TISA comment dates set
WASHINGTON (3/27/09)—Comments to the National Credit Union Administration (NCUA) on its proposals regarding online reporting and Truth in Savings Act disclosures are due to the agency May 26. Both proposals were published in the Thursday Federal Register, setting the comment deadline. Also published was a final rule amending the NCUA’s Regulatory Flexibility (RegFlex) Program, setting the effective date as April 27. All three issues were addressed at the NCUA’s most recent open board meeting, which tool place March 19. The proposed online reporting rule would provide a web-based system to allow federally insured credit unions to submit reports and information online. The new system is expected to be implemented the third quarter of 2009. The NCUA has said it will send a letter to credit unions regarding the new system in early September and will make the system mandatory for credit unions with Internet access by Oct. 1. Regarding TISA disclosures, the NCUA’s rule is statutorily required to be “substantially similar” to the Fed’s. Therefore, the NCUA plan would, among other things, require credit unions to disclose on the periodic statement the dollar amounts charged for overdraft fees and returned item fees, both for the month and the year-to-date. Currently, only credit unions that promote or advertise the payment overdrafts are required to provide these disclosures. The NCUA final RegFlex rule increases the time period within which a federal credit union must partially occupy a completed new premises without obtaining a waiver from the NCUA. Previously, a RegFlex credit union had three years to at least partially occupy or it had to get a waiver. The new final rule increases that to six years, but only for acquisitions of unimproved land.


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