Ncco Exam - Test 2

What are the rules surround a member's ability to opt-out? Can it expire? Can it be revoked? {Ans: CU must give members a reasonable opportunity to opt out after delivery of the notice. the rule indicates that 30 days would be a safe harbor, also indicating that a longer or short period could be given in certain circumstances. May expire after 5 years; can be revoked.}What is a "reasonable timeframe"? {Ans: One additional business day for on-us checks, five additional business days for local checks and six additional business days for deposits at nonproprietary ATMs.}What is the difference between customer and consumers? Which group receives notices and an opportunity to opt out under Regulation P? {Ans: A consumer is defined as an individual who obtains a financial product or service from a credit union that is used for personal, family or household purposes. A customer is a consumer who has a customer relationship with a credit union. It is a continuing relationship between the consumer and the credit union. Customers or members receive notices and opportunity to opt out under Reg P.}Does Truth in Savings require a periodic statement? If not, what regulation might? {Ans: No,