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News Now

Washington
Compliance FCUs must tweak Equal Housing Lender notices
WASHINGTON (3/22/12)--Faithful readers of the Credit Union National Association's (CUNA) CompBlog will have seen already that recent technical changes approved by the National Credit Union Administration (NCUA) at its March meeting earlier this month require federal credit unions that offer mortgages to revise their Equal Housing Lender notices.

Section 701.31 of the NCUA rules was updated to reflect the designation of NCUA's Office of Consumer Protection to hear discrimination complaints under the Equal Credit Opportunity Act and Fair Housing Act. The NCUA's Office of Examination and Insurance was previously assigned this responsibility.

That change prompts the needed change to the notice: credit unions   must remove references to the Office of Examination and Insurance and replace those references with the Office of Consumer Protection. 

According to the NCUA Board Action Bulletin, "credit unions engaging in real estate-related lending will have a reasonable amount of time to post updated Equal Housing Lender signs in public areas."

For the agency bulletin and the Federal Register document of the rule change, use the resource links below.
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