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December 07, 2023

New on the Compliance Blog: FCRA credit score exception

As credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Wednesday. 

Here’s a look at the latest post:

The Fair Credit Reporting Act and Credit Score Exception: NAFCU Regulatory Compliance Counsel Judy Dahn reviews certain provisions of the Fair Credit Reporting Act (FCRA), including the Risk-Based Pricing Notice (RBPN) and some exceptions. Dahn explains Regulation V – the FCRA’s implementing regulation – requires credit unions to provide a member with a RBPN “any time it uses a credit report in connection with an application for credit and provides different rates based on the credit score of the applicant.” She outlines some of the exceptions to providing a RBPN, but notes they “do not apply when sending incomplete application notices or if a member withdraws their application.”

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