The National Credit Union Administration has approved a rule requiring all credit unions to force outside auditors to sign contracts specifying exactly what services they are providing to the institution.

The rule, approved unanimously at the NCUA board's July 24 meeting, requires the contract to include: testing internal controls and searching for problems with the accounting of cash, loans, and investments.

The Federal Reserve Board has extended to Sept. 6 the comment deadline on a proposal to exempt many types of stored-value cards from the consumer protections established in Regulation E.

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