Are Credit Unions Subject to Regulation E?

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Question:

My mother has a credit union savings account into which her monthly social security payment is directly deposited. But she only receives a quarterly statement on the account. Aren't credit unions subject to the same statement requirements under Regulation E that my bank has to follow?

Answer:

Regulation E most definitely covers credit unions, and they are subject to the same statement rules that banks have to follow. There is an exception to the general rule requiring monthly statements for accounts that have EFT activity. It's found in Section 205.9(c)(1)(ii). If an account only received pre-authorized (read: recurring) EFT transfers TO the account (read: credits), a statement must be delivered at least quarterly.

First published on BankersOnline.com 4/18/05