Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Compliance What goes into FACTA readiness
WASHINGTON (6/17/09)--This month’s Compliance Challenge gives credit unions guidance on how best to comply with the Fair and Accurate Credit Transaction Act (FACTA) accuracy regulations. FACTA’s accuracy and integrity and direct dispute provisions, contained in Section 312 of the Act, were approved for activation by the National Credit Union Association, the Federal Trade Commission, and other various banking agencies earlier this year, and require financial institutions to create policies and procedures to ensure the “accuracy” and “integrity” of information provided to credit bureaus. These regulations should become effective during the third quarter of 2010. For credit unions, these regulations define “accurate” information as information that reflects the overall state of the account, including balances and customer performance. Information that has been substantiated by the provider’s records, is provided in a way that limits the potential for the information to be incorrectly reflected in consumer reports, and provides the most central details of the consumer’s creditworthiness would be considered to have “integrity,” according to the regulations. For more information on FACTA, use the resource links below.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
15 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
15 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
16 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
17 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
18 hours ago