[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR707.6]



[Page 439-440]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 707_TRUTH IN SAVINGS--Table of Contents

 

Sec. 707.6  Periodic statement disclosures.



    (a) Rule when statement and crediting periods vary. In making the 

disclosures described in paragraph (b) of this section, credit unions 

that calculate and credit dividends for a period other than the 

statement period, such as the dividend period, may calculate and 

disclose the annual percentage yield earned and amount of dividends 

earned based on that period rather than the statement period. The 

information in paragraph (b)(4) shall be stated for that period as well 

as for the statement period.

    (b) Statement disclosures. If a credit union mails or delivers a 

periodic statement, the statement shall include the following 

disclosures:



[[Page 440]]



    (1) Annual percentage yield earned. The ``annual percentage yield 

earned,'' using that term as calculated according to the rules in 

appendix A of this part.

    (2) Amount of dividends. The dollar amount of dividends earned 

(accrued or paid and credited) on the account. The dollar amount of any 

extraordinary dividends earned during the statement period shall be 

shown as a separate figure.

    (3) Fees imposed. Fees required to be disclosed under Sec. 

707.4(b)(4) of this part that were debited from the account during the 

statement period. The fees must be itemized by type and dollar amounts. 

Except as provided in Sec. 707.11(a)(1) of this part, when fees of the 

same type are imposed more than once in a statement period, a credit 

union may itemize each fee separately or group the fees together and 

disclose a total dollar amount for all fees of that type.

    (4) Length of period. The total number of days in the statement 

period, or the beginning and ending dates of the period.



(Approved by the Office of Management and Budget under control number 

3133-0134)



[58 FR 50445, Sept. 27, 1993, as amended at 59 FR 59899, Nov. 21, 1994; 

61 FR 114, Jan. 3, 1996; 64 FR 66356, Nov. 26, 1999; 66 FR 33163, June 

21, 2001; 70 FR 72898, Dec. 8, 2005]