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Reg On Statement Availability

Answered by: 
Brian Crow
Richard Insley

Question: 
I need the Reg that talks about making a statement available to the customer. I was told once that you cannot stop the statement from printing unless you offer estatements because the customer must receive a statement with the verbiage on the back.
Answer: 

Brian Crow

Reg E 1005.9(b) Periodic statements. For an account to or from which electronic fund transfers can be made, a financial institution shall send a periodic statement for each monthly cycle in which an electronic fund transfer has occurred; and shall send a periodic statement at least quarterly if no transfer has occurred.

If you do not provide a periodic statement as required by Reg E, the timely notice requirements of error in 1005.11(b)(1) never apply and you will be paying claims for transactions covering a long period of time.

Answer: 

Richard Insley

If this question relates to credit products, statement requirements are as follows:

  • Credit cards -- Reg. Z, Section 1026.7(b)
  • HELOCs -- Reg. Z, Section 1026.7(a)
  • Mortgages -- Reg. Z, Section 1026.41
  • Other open-end credit -- Reg. Z, Section 1026.7(b)

First published on 03/30/2015

Filed under: 
Compliance
Lending
Operations
Filed under compliance as: 
Reg. E
Reg. Z
Filed under lending as: 
Reg. E
Reg. Z
Filed under operations as: 
Reg. E
Reg. Z

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