[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: 12CFR707.6]

[Page 382-383]
 
                       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 383]]

    (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 and imposed on the account during the 
statement period. The fees shall be itemized by type and dollar amounts.
    (4) Length of period. The total number of days in the statement 
period, or the beginning and ending dates of the period.
    (c) Electronic communication--(1) Definition. The term ``electronic 
communication'' means a message transmitted electronically between a 
member and a credit union in a format that allows visual text to be 
displayed on equipment such as a personal computer monitor.
    (2) Electronic communication between credit union and member. A 
credit union and a member may agree that the credit union will send by 
electronic communication periodic statement disclosures required by 
Sec. 707.6. Periodic statement disclosures sent by electronic 
communication to a member must comply with Sec. 707.3 and any applicable 
timing requirements contained in this part.

(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]