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 June 2010 Statement Changes for Loans

In this month's statement, you may see format changes for some of your loans.  These changes are a result of the Regulation Z - Truth in Lending updates that were mandated by the Federal Reserve.  Loans that appear in this new format will include the following sections: Information, Transactions, Fees, Interest Charged, Totals Year-to-Date and Interest Rate Detail.

The Information section includes the following:

• Loan Previous Balance - Ending balance on the prior statement
• New Balance - Ending balance for the statement
• Change to Balance - Amount the balance changed during the statement period
• Minimum Payment Due - Payment amount for the loan

Additionally, the Payment Due Date, Past Due as of Date, Credit Limit and Number of Payments may print in this section.

The Transactions section includes payments and advances to the loan.  Payment details such as interest, late charges and the change to balance will no longer be provided.  Fees and interest collected will not be printed in this section.  The regulation mandates this information be reported in the Fees and Interest Charged sections.

The Fees section includes fees imposed on the loan, regardless if they affect the loan balance.  Fees may include any late payment fees collected when a payment is appplied to the loan, insurance or debt cancellation premiums and any one time fees.  Fees collected from a share account may be reported in the fees section for a loan.  A total of fees collected during the reporting period is also included in this section.  Total fees may not reflect all activity in the section.  The reversal of fees reported on a prior month's statement may not be reflected in the current month total.  The total fees reported for the statement period will begin accumulating based on fees that were assessed during June and forward.

The Interest Charged section includes interest collected when payments are applies.  A total of interest collected during the reporting period is also included in the section.  The total may not reflect all activity in the section.  The reversal of interest reported on a prior month's statement may not be reflected in the current month total.  The total interest reported for the statement period will begin accumulating based on interest that was collected during June and forward. 

The Totals Year-To-Date section includes the total fees and total interest charged for the reporting year.

The Interest Rate Detail section includes the interest rate and the balance subject to the interest rate for the time period applicable.  An entry will record any change to the balance at the end of a day of the efective date of a rate change.  If multiple transactions are applied on the same day, only the ending balance for the day will be reflected.  There will not be an entry for each change in balance that happens on the same day.

We hope this overview of the new loan format will be helpful in reading and understanding the changes to your loan statement information.
7/2/10

Waldameer Amusement Park and Water World tickets are available at the credit union  for the discount price of $18.50 per combo pass (regular retail price is $23.45).

The Combo Pass is honored any operational day during the 2010 season.  Visit their website at waldameer.com for dates and hours of Park Operations.  
5/5/10 

 $250,000 NCUA Share Insurance Protection Now Permanent

July 22, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Included in this legislation are provisions making permanent the $250,000 federal deposit insurance protection.

Federally insured credit union member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government. 

The National Credit Union Administration charters and supervises federal credit unions.  NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of over 90 million account holders in all federal credit unions and the majority of state-chartered credit unions.  NCUA is funded by credit unions, not federal tax dollars.

-NCUA-

7/28/10