Question: I hear Truth-in-Savings referred to as Regulation DD (12 CFR Part 1030). Should I be referencing this section with regard to our compliance obligations?
Answer: No. According to Regulation DD itself, coverage applies “depository institutions, EXCEPT for credit unions.”
Since credit unions use different terminology and different methods for issuing deposit-related income, such as dividends, the applicable Truth-in-Savings regulations are found at 12 CFR 707. These are regulations that are governed by NCUA and apply to all credit unions whose accounts are either insured by, or eligible to be insured by, the National Credit Union Share Insurance Fund…”
This means that with a few exceptions (such as corporate credit unions), all credit unions are bound by rules set for deposit accounts within these regulations. Many parts of 12 CFR 707 are identical to Regulation DD, so they are often quoted in the same vein.
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