Do I have to send a periodic statement?

Welcome to my inaugural blogpost as a Regulatory Compliance Counsel for NAFCU!

I joined NAFCU last month and managed to work in the office for 4 whole days before being advised to practice social distancing and work from home. Learning the ins-and-outs of this new job from the confines of my home – while also dealing with two children under the age of 4 – has been, well… interesting. I look forward to working on the NAFCU Compliance Blog in the years to come, hopefully one day from an actual office with other grownups.

I’ve decided to focus my first blog post on some questions that credit unions may have regarding various exceptions to the periodic statement requirements in Regulation Z. Enjoy!

What is a Periodic Statement?

As I’m sure you all know, Regulation Z requires credit unions to provide periodic statements for certain credit accounts. These are the account statements for a member’s credit card, HELOC, mortgage, or other credit accounts, except for non-home secured closed-end loans, such as car loans, since Regulation Z does not require statements for these accounts. Regulation Z lays out specific requirements for periodic statements, including what information must be contained within them and timing requirements for when they must be provided to the member. For an in-depth discussion of the various periodic statement requirements for different types of credit, see this previous post in the Compliance Blogand check out this post for more information on the timing requirements.

 

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