The subject of dividends has come up in a number of questions to CUNA’s compliance staff recently, making this a good time to address questions with the NCUA’s Truth in Savings Regulation.
The regulation (12 CFR 707), issued more than 20 years ago, described how dividends are to be calculated and paid.
Five things worth remembering for credit unions when it comes to dividends are:
For more information, see CUNA’s CompBlog and CUNA’s eGuide on the Truth in Savings regulation.
In addition to CompBlog, CUNA’s Compliance Community contains discussion boards and a number of other resources for credit union compliance professionals around the country.