Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CU Mag Compliance Column Takes On Credit Reporting Queries
WASHINGTON (5/15/13)--The Fair Credit Reporting Act's (FCRA) treatment of credit report information-sharing rights and adverse action notices are two topics taken on in the May edition of Credit Union Magazine's Compliance Q&A Column.

First, credit reports: As explained by Credit Union National Association Senior Director of Compliance Analysis Valerie Moss in the column, section 1681e of FCRA permits a credit union to disclose the contents of a member's credit report to that member if a loan denial or other adverse action is based in whole or in part on information in the report.

Credit unions should check their credit reporting bureau contracts to see if it is permissible to provide their members with actual copies of their credit reports, Moss recommended.

The FCRA does not require adverse action notices to be released in written form. When a financial institution takes adverse action with respect to a consumer based--in whole or in part--on any information contained in a credit report, the financial institution shall provide an oral, written, or electronic notice of the adverse action to the consumer, Moss explained.

On the other hand, she noted, Regulation B [the Equal Credit Opportunity Act] requires adverse action notices to be in writing for consumer credit. "The term 'in writing' includes electronic delivery of the notice if provided in compliance with the federal ESIGN statute. But, you may give the notifications for business credit verbally or in writing," Moss wrote.

For other engaging Credit Union Magazine articles, use the resource link.
Other Resources

Credit Union Magazine
RSS print
News Now LiveWire
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
59 minutes ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
1 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
1 hours ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
20 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
21 hours ago