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TIPS BULLETIN #13-21 - CCUL

April 8, 2013. tips BULLETIN #13-21. To: All Credit Unions Subject: Required Lobby Notices and Statements The material in this publication is provided for educational and informational purposes only, and does not constitute legal or financial advice. Use of any material or information in this publication should never be a substitute for seeking the advice of an attorney or a certified public accountant. It is has been sometime since the Required Lobby Notices and Statements information has been sent out. Regulatory compliance for required signs and posters should be reviewed annually. Of note is the change to the signage for the Equal Housing Lender poster to NCUA's Office of Consumer Protection. Statement/. Poster/Notice Description Availability CIP USA PATRIOT ACT In the lobby of all credit unions and credit See Example I. 31 (b) (5) union branches. NCUA INSURANCE Share Insurance statement and logo must See Example II.

April 8, 2013 HOME MORTGAGE DISCLOSURE ACT NOTICE subject to HMDA must display a notice. (HMDA) 12 C.F.R. 1003.5 (e) HMDA posters are available for …

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Transcription of TIPS BULLETIN #13-21 - CCUL

1 April 8, 2013. tips BULLETIN #13-21. To: All Credit Unions Subject: Required Lobby Notices and Statements The material in this publication is provided for educational and informational purposes only, and does not constitute legal or financial advice. Use of any material or information in this publication should never be a substitute for seeking the advice of an attorney or a certified public accountant. It is has been sometime since the Required Lobby Notices and Statements information has been sent out. Regulatory compliance for required signs and posters should be reviewed annually. Of note is the change to the signage for the Equal Housing Lender poster to NCUA's Office of Consumer Protection. Statement/. Poster/Notice Description Availability CIP USA PATRIOT ACT In the lobby of all credit unions and credit See Example I. 31 (b) (5) union branches. NCUA INSURANCE Share Insurance statement and logo must See Example II.

2 LOGO AND OFFICIAL be posted in the following areas: SIGN NCUA Share Insurance Tool Kit 12 At all teller stations where deposits (NCUA Rule and are normally accepted Regulations Part 740) See Example VI for rate board. All advertisements Annual reports- In a prominent position on the cover page of such documents or on the first page Main internet page On ATMs and deposit envelopes (optional). SUPPLEMENTAL The ASI logo and statement may not be See Example III. PRIVATE INSURANCE more prominent than the NCUA share AMERICAN SHARE insurance logo and statement. INSURANCE. (ASI). April 8, 2013. AMERICAN SHARE For California and Nevada privately insured, See Example IV. INSURANCE AS State-chartered credit unions, disclosure PRIMARY INSURER language must be posted in the following areas: In all offices and branches, the appropriate short-form disclosures must be made in a prominent/centralized location within the public area.

3 At all teller stations, the appropriate short- form disclosures must be placed at every location that deposits are accepted (including new accounts stations). On rate sheets and lobby boards, located in the lobbies of the main office and branches, the short-form disclosure is required on any advertising of the credit union's share and certificate rates. On all take-one deposit brochures, the short- form disclosure is required. On ATMs and deposit envelopes (optional). FBI DECALS A decal should be displayed in a No Example (Optional) conspicuous place which states that the Federal Bureau of Investigation has jurisdiction to investigate felonies committed Available at your local FBI field office. against a federally insured credit union. A. decal need not be displayed if the credit union's board of directors determines that display of the decal would identify a credit union which otherwise is undistinguishable from its surroundings.

4 EXPEDITED FUNDS Credit unions must post in each location See Example V. AVAILABILITY ACT where its employees accept consumer (REGULATION CC) deposits, a notice of its funds availability Appendix C Available at: 12 , policy pertaining to consumer accounts. Appendix C The notice that is required must specifically Regulation CC- Appendix C: state the availability periods for the various California Code of deposits that may be made to consumer Regulations accounts. The notice need not be posted at Title 12 Code of Federal Regulations requires the expedited every teller window, but the notice must be Section funds availability policy to posted in a place where consumers seeking apply to share and share draft accounts, in addition, to make deposits are likely to see it before this regulation applies to making their deposits. April 8, 2013. federal credit unions with Notice is not required at drive-up teller its home office or a branch windows, night depositories, or locations in California.

5 Where deposits are not accepted. The depository credit union is responsible for posting a notice on all ATMs which deposits can be made to accounts at the depository credit union. The notice may be posted on a sign shown on the screen, or included on deposit envelopes provided at the ATM. This disclosure must be given before the member has made the deposits. A notice provided on the member's deposit receipt or appearing on the ATM screen after the member has made the deposit does not satisfy this requirement. The regulation requires a depository credit union that operates an off-premises ATM, from which deposits are removed not more than two times per week, to make a disclosure of this fact on the off-premises ATM. The notice must disclose to the member the days on which deposits made at the ATM will be considered received. TRUTH IN SAVINGS ACT Indoor signs (such as computer screens, Unique to each credit union. 12 (e)(2) banners, and preprinted posters) and lobby boards located inside the credit union office that are visible to members must follow these rules: 1.

6 If the annual percentage yield is See Example VI. mentioned, it must be stated using Rate Board the term APY . APY must be defined. 2. The corresponding dividend rate may be included with the APY. 3. A notice advising the member to contact an employee for further information on applicable fees and terms must be included. April 8, 2013. HOME MORTGAGE HMDA posters are available for purchase, or See example VII. DISCLOSURE ACT you may create your own. Any credit union NOTICE subject to HMDA must display a notice. (HMDA). 12 (e) The credit union must post a general notice Available at: about availability of its HMDA data in the Guide to HMDA Reporting, Getting it lobby of its home office and each branch Right office located in an MSA. It must promptly, upon request, provide the location of the office where the statement is available for inspection and copying, or may include the location(s) on the notice. HOLDEN ACT NOTICE The Holden Act is a California State law that See Example VIII.

7 California Health and applies to all credit unions in California that Safety Code 35810. make loans secured by real property. Size California Code of requirement is 8 inches by 11 inches. Regulations Title 21 The Fair Lending Notice must be printed in Division 3. Chapter 4. not less than 10-point bold-face type. Article 4. 7114. The required contact information, as shown AND in the example, is the California Department of Financial Institutions (DFI). Though Equal Housing Lender Logo EQUAL HOUSING NCUA does not regulate California law, LENDER/FAIR NCUA examiners have expressed their LENDING/EQUAL desire to include NCUA contact information HOUSING on the Holden Act notice for federal credit To locate a HUD Regional Office: OPPORTUNITY unions. 12 (d)(2-3); rc=/localoffices Notice source: 24 The Equal Housing Lender/ Fair Lending (a) rule applies to all credit unions that make HUD's Equal Housing loans secured by real property.

8 Size Opportunity/Fair Housing Poster requirements: the fair housing poster shall be 11 inches by 14 inches and shall bear the Equal Housing Opportunity (house) logo. NCUA Rules and Regulations, Part applies to federal credit unions. State licensed credit unions may also display this notice to be in compliance or they may use HUD's Equal Housing Opportunity/Fair Housing poster. NOTICE OF RIGHT TO Any main office or branch where a credit California law does not provide a RECEIVE A union contracts in Spanish, Chinese, sample notice. TRANSLATION I Tagalog, Vietnamese, and/or Korean at the Spanish, Chinese, time and place where a contract or Tagalog, Vietnamese, or agreement is executed, a Spanish, Chinese, Korean Tagalog, Vietnamese, and/or Korean California Civil Code language notice shall be conspicuously 1632. displayed stating that the credit union is April 8, 2013. required to provide a language translation of the contract and disclosures.

9 CREDIT UNION Federal Credit Union: Unique to each credit union. FINANCIAL Within 20 days after the close of each STATEMENTS month, ensure that a financial statement Federal Credit Unions: showing the condition of this credit union as Bylaws for Federal Credit of the end of the month, including a Unions, Article VII 6(c). summary of delinquent loans is prepared and submitted to the board of directors and post a copy of such statement in a State Chartered Credit conspicuous place in the office of the credit Unions: union where it will remain until replaced by Title 10, California Code the financial statement for the next of Regulations, succeeding month. State Chartered Credit Union: Within 21 days after the close of each month, the credit union shall post copies of its statement of financial condition and statement of income in a conspicuous place in each office of the credit union or at a place convenient to the members as designated by the board of directors, where they shall remain posted until replaced by the financial statements of the next succeeding month.

10 In lieu of posting copies of such financial statements, a credit union may post a notice in a conspicuous place in each office of the credit union stating that copies of the financial statements are available upon request, and the credit union shall make copies of the financial statements available to members upon request. Example I. Customer Identification Program USA PATRIOT ACT. Sample notice language from the regulation: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. April 8, 2013. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.


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