I have a simple question. The reg says the disclosures are required on periodic statements starting with the first statement period after January 1. If our statement cycle begins on January 1, does that mean that we do not have to include the disclosures until the cycle that begins on February 1? Our core system will be ready to start tracking the fees as of January 1 but we are still working with our statement vendor and having one extra month would be welcome. Thanks.

Interesting question. I am confident that your examiner would argue that the total should appear on the January statement. I am also confident that the wording of Comment 11(a)(3)-1 says exactly what you have said: "...starting the first statement period that begins after January 1, 2010." I think you'd have a good logical argument that the Comment means the applicable statement period would start on February 1.

As a practical matter, try to get this done for the January statement if you can. You can debate with your examiner over more important things. On the flip side, there aren't any onerous penalties for compliance errors under Reg. DD.

Thanks. We are working on the presumption that we need to have the disclosures on the statements for January, but the timing is getting a little tight since we do not print our own statements, involving another vendor.