Compliance Blog

Posted by Anthony Demangone

Section 302 of the Credit CARD Act protects young consumers.  It amends the Fair Credit Reporting Act to limit the ability of prescreened offers to include information for consumers under the age of 21 unless the consumer consents to the sharing. This is pretty simple stuff, but you should know moving forward that prescreen requests should not include consumers under the age of 21, because you wouldn't get them anyway. 

Effective date: February 22, 2010.

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Yesterday, the NCUA Board met and approved a number of agenda items.  Of note:

Truth in Savings.  NCUA issued a final rule to amend its Truth in Savings regulation.  The changes closely track changes made to the Federal Reserve’s Regulation DD earlier this year.  Effective January 1, 2010 any credit union that offers an overdraft protection program must include year-to-date and monthly totals for overdraft and NSF fees within periodic statements.  The changes also affect how credit unions may disclose account balances via automated systems.  NAFCU is preparing a Regulatory Final to highlight the changes.  You can access the rule here.

 

Usury ceiling.  NCUA extended the current usury ceiling of 18 percent for another 18 months.  Access the draft letter to credit unions here.

 

Credit union reporting.  NCUA is amending its reporting procedures and record retention requirements to conform regulatory provisions to its new, web-based reporting system. The rule incorporates into the regulation a statutory requirement on reporting changes in senior officials resulting from election or appointments and clarifies requirements on when a credit union files reports with NCUA online. The rule also provides alternative reporting methods for credit unions unable to submit online reports. Access the final rule here.  The rule will become effective September 1, 2009.

 

Here's the entire agenda, with links to all draft items, which were approved.  

 

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Have a great weekend, everyone!