Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA asks for CU input on Fed equal credit plan
WASHINGTON (3/24/11)—The Credit Union National Association (CUNA) has issued a regulatory comment call on a Federal Reserve proposal that would require credit unions to disclose a member’s credit score and other information in the event of a so-called “adverse action.” Adverse actions can include instances where a credit request is rejected or an account interest rate is increased. Any key factors that adversely affected the member’s credit score, the date on which the credit score was created, and the name of the company or person that issued the credit score must also be disclosed under the Fed proposal. The proposal would add these disclosures to the model notices provided under Regulation B - Equal Credit Opportunity Act (ECOA). The new model notices would comply with the adverse action provisions of the ECOA and the Fair Credit Reporting Act (FCRA). Credit unions using the new model notices would not generally be liable for improper discrimination or use of credit information with respect to credit applications, according to CUNA. The new disclosures are required by the Dodd-Frank Act, and will become effective on July 21. CUNA in its comment call asks if the Fed should update any other model notices or forms. Credit unions may also comment on whether a portion of the proposal that requires creditors to provide both the key factors and the specific reasons for taking an adverse action should be changed. Comments should be submitted to CUNA by April 8. The Fed will receive public comments until April 14. For the comment call, use the resource link.


RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
1 hour ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
2 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
2 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
3 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
4 hours ago