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News Now

Washington
Compliance CUNA covers risk-based pricing Qs
WASHINGTON (10/29/10)--The Credit Union National Association has advised credit unions that the Fair and Accurate Credit Transactions Act’s risk-based pricing regulations, which will become effective on Jan. 1, will require credit unions to provide risk-based pricing notices to each consumer in situations where two or more consumers are granted, extended, or otherwise provided credit. While the credit union may satisfy the requirements by providing a single notice addressed to all individuals if they live in the same residence, credit unions must provide individual alternative credit score disclosures to all individuals, whether they share an address or not, CUNA added. The same disclosure rules do not apply to individuals that act as co-signers/guarantors for another individual’s credit application. The co-signer/guarantor only supports and assumes liability for the credit granted or extended, but does not receive the credit, CUNA explains. Additionally, CUNA said that while credit unions are not specifically required to provide the risk-based pricing notices to consumers that do not accept the credit extended to them, the consumer may still ultimately receive a notice if they do not reject the credit offer within a given time period. Members will likely receive the notice when the credit union communicates the credit approval and may decline the offer at that time, CUNA added. For the full Compliance Challenge, use the resource link.


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