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News Now

Washington
NCUA agenda includes Fair Credit items
ALEXANDRIA, Va. (4/15/09)—The National Credit Union Administration (NCUA) released its seven-item open board meeting agenda for next week, which includes two Fair Credit Reporting Act (FCRA) actions. The agency is expected to issue a final rule and guidelines regarding the accuracy and integrity of information furnished to consumer reporting agencies, the so-called “accuracy regulations.” The final reg also will address consumers' direct disputes with furnishers of credit report information. The proposal was first issued jointly by the NCUA and the Federal Trade Commission (FTC) in 2007, and other agencies were required to develop rules under provisions of the Fair and Accurate Credit Transactions (FACT) Act. The NCUA will also vote whether to issue an Advance Notice of Proposed Rulemaking, seeking further comment on the definition of "integrity" under this provision of the FCRA, and what standards would make a credit report have integrity. Also on the April 21 agenda, the NCUA will propose clarifications and staff interpretations to Part 706 of the Unfair and Deceptive Practices rules. No major changes are anticipated; the NCUA will be renumbering some sections, providing clarification on deferred interest rate programs, and examples in the staff interpretation. The proposed rule will also clarify that the regulation does not preempt the federal Servicemembers Civil Relief Act. A 30-day comment period is likely. Also on the agenda:
* Delegations of Authority, Office of Small Credit Union Initiatives; * Creditor Claim Appeal; * Budget, Office of Capital Markets and Planning and Central Liquidity Facility; and * The monthly National Credit Union Share Insurance Fund report.


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