Compliance Blog

Written by Bernadette Clair, Regulatory Compliance Counsel

Today, we'll continue with the updated Agency information that we started yesterday.   

Credit Card Applications and Solicitations; Account Opening Disclosures.  Last but not least, credit unions need to update references to the Federal Reserve’s website on credit card applications and solicitations provided under12 CFR 1026.60 and credit card account opening disclosures provided under 12 CFR 1026.6(b)(2)(xiv) to refer to the CFPB and the CFPB’s website.

• For a visual example of the change, here is the CFPB's G-10(B) Model Form from Appendix G of Section 1026.  See the section "For Credit Card Tips from the Consumer Financial Protection Bureau."

For more detailed discussion on this particular change, see our January 10, 2012 blog post.

When must credit unions make these changes?  January 1, 2013 is the deadline for all of these updates.  If you haven’t already updated your forms, it’s never too early to start since even the smallest changes can take time. Plus, it always feels good to check something off the list!

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Updated Address for Obtaining the Standard Flood Hazard Determination Form

Since we’re on the subject of address changes, NCUA’s recent technical amendments rule changed the address credit unions can use to obtain a copy of FEMA’s Special Flood Hazard Determination Form.  The address, found in 12 CFR 760.6(a) has been changed from FEMA’s mailing address to FEMA’s website, http://www.fema.gov/.  

Hat tip to Joyce for pointing this one out!

This rule also contains a couple of other technical changes – we blogged about one of these – the changes to the Equal Housing Lending Poster – back on March 22^nd.