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Fort Knox FCU -- Early Withdrawal Penalty

Wednesday, July 27, 2011 - 10:25 AMFort Knox Federal Credit Union - Details
This blog has been watching the changes in the early withdrawal penalty for CDs imposed by Fort Knox FCU and how they applied that change to existing CDs. Seems to me the last post related to this was in mid or late June, when you said the regulators indicated they would be completing their review soon and would decide whether the retroactive change to CDs was allowed or not.

I haven't seen any further posts. So, haven't the regulators issued their verdict yet? And what is it?
3
me1004me1004370 posts since
Jan 16, 2010
Rep Points: 2,572
1. Wednesday, July 27, 2011 - 12:53 PM
I just sent another email to the NCUA Consumer Compliance Analyst who told me in late May that they were in the "final review process". I'll let everyone know when he replies.

It is interesting that the "final review process" is taking over 2 months. My guess is that the NCUA may not be agreeing with Fort Knox FCU on the issue, and that may be causing the delay. But that's only a guess.
4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
2. Sunday, September 11, 2011 - 11:20 PM
Ken, any update from the NCUA Consumer Compliance Analyst?  I understand the timing is out of your control; however this issue has now been in the NCUA "final review process" for 3 1/2 months (late May to mid-September).     Thanks in advance ~
1
pearlbrownpearlbrown1,436 posts since
Nov 2, 2010
Rep Points: 6,264
3. Monday, September 12, 2011 - 5:14 AM
I checked with the Analyst in August, and he's still saying they're in the final review process. I'm not sure why it's taking so long. I'll see if I can find out more this week.
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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