In a recent CUNA Pressing CU Compliance Issues webinar, Jeff Anderson from PolicyWorks LLC said that credit unions have been reporting that the new requirement for IRR policies has garnered significant attention in recent NCUA exams.
With authority for Regulation Z having been transferred to the CFPB, the CFPB’s website must be listed in the Credit Card Account Opening disclosure beginning Jan. 1, 2013.
Is a credit union required to send a monthly statement if no share drafts have cleared an account and no EFT transactions have occurred during the monthly cycle?