[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR707.1]

[Page 377]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 707--TRUTH IN SAVINGS--Table of Contents
 
Sec. 707.1  Authority, purpose, coverage and effect on State laws.

    (a) Authority. This part is issued by the National Credit Union 
Administration Board to implement the Truth in Savings Act of 1991 
(TISA), contained in the Federal Deposit Insurance Corporation 
Improvement Act of 1991 (12 U.S.C. 4301 et seq., Public Law No. 102-242, 
105 Stat. 2236).
    (b) Purpose. The purpose of this part is to enable credit union 
members and potential members to make informed decisions about accounts 
at credit unions. This part requires credit unions to provide 
disclosures so that members and potential members can make meaningful 
comparisons among credit unions and depository institutions.
    (c) Coverage. This part applies to all credit unions whose accounts 
are either insured by, or eligible to be insured by, the National Credit 
Union Share Insurance Fund, except for any credit union that has been 
designated as a corporate credit union by the National Credit Union 
Administration and any credit union that has $2 million or less in 
assets, after subtracting any nonmember deposits, and is determined to 
be nonautomated by the National Credit Union Administration. In 
addition, the advertising rules in Sec. 707.8 apply to any person who 
advertises an account offered by a credit union, including any person 
who solicits any amount from any other person for placement in a credit 
union.
    (d) Effect on state laws. State law requirements that are 
inconsistent with the requirements of the TISA and this part are 
preempted to the extent of the inconsistency.

[58 FR 50445, Sept. 27, 1993, as amended at 61 FR 68129, Dec. 27, 1996]