A regulation that federal credit union officials say they didn't want to adopt will cost the industry roughly $250 million in 1995 and about $180 million every year thereafter, according to Robert M. Fenner, general counsel for the National Credit Union Administration.

The Sept. 9 rule implements the Truth-in-savings Act passed by Congress in 1991. A key program vision of the agency rule bans "rollback accounts," which calculate interest based on the lowest balance in an interest period.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.