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#232210 - 08/16/04 05:36 PM Which regs apply to credit unions?
Ross Offline
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Ross
Joined: Apr 2002
Posts: 22
Do credit unions have to play by the same regs as banks? (I already know that taxes and CRA don't apply to them.)

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#232211 - 08/16/04 05:45 PM Re: Which regs apply to credit unions?
EdOils Offline
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EdOils
Joined: Jan 2004
Posts: 555
Louisiana
Generally, yes. Especially the consumer friendly ones, such as Regs DD, E, Z, B, etc.
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#232212 - 08/16/04 05:50 PM Re: Which regs apply to credit unions?
Ross Offline
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Ross
Joined: Apr 2002
Posts: 22
Reg DD says it doesn't cover credit unions.

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#232213 - 08/16/04 06:13 PM Re: Which regs apply to credit unions?
EdOils Offline
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EdOils
Joined: Jan 2004
Posts: 555
Louisiana
That surprises me, but I was on the loan side of the CU I worked at, so what do I know?

I do know that most (if not all) of the consumer lending related regs do apply.
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#232214 - 08/16/04 06:14 PM Re: Which regs apply to credit unions?
Anonymous
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Credit unions are subject to the Federal Truth-in-Savings Act of 1991.(Reg DD). As credit unions are federally insured by the NCUA - that agency overseas the regulation versus the FDIC for banks. Section 707 of the NCUA Rules and Regulations gives the specifics.

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#232215 - 08/16/04 08:50 PM Re: Which regs apply to credit unions?
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,798
Cape Cod
Because Congress noted that credit unions have some unique ways of handling interest on members' accounts, it decreed that NCUA would write a separate rule for them.
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