[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: 12CFR707.9]



[Page 442]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 707_TRUTH IN SAVINGS--Table of Contents

 

Sec. 707.9  Enforcement and record retention.



    (a) Administrative enforcement. Section 270 of TISA (12 U.S.C. 4309) 

contains the provisions relating to administrative sanctions for failure 

to comply with the requirements of TISA and this part.

    (b) Civil liability. Section 271 of TISA (12 U.S.C. 4310) contains 

the provisions relating to civil liability for failure to comply with 

the requirements of TISA and this part; Section 271 is repealed 

effective September 30, 2001.

    (c) Record retention. A credit union shall retain evidence of 

compliance with this regulation for a minimum of two years after the 

date disclosures are required to be made or action is required to be 

taken.



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

3133-0134)



[58 FR 50445, Sept. 27, 1993, as amended at 59 FR 13436, Mar. 22, 1994; 

61 FR 114, Jan. 3, 1996; 63 FR 71575, Dec. 29, 1998]