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Key compliance deadlines outlined
WASHINGTON (7/10/08)—Two key deadlines are approaching quickly and compliance expert Valerie Moss says credit unions must gear up now for new rules on affiliate marketing and identity theft red flags. Moss, director of compliance information for the Credit Union National Association (CUNA), notes in a July article in Credit Union Magazine that Oct. 1 is the drop-dead date for affiliate marketing rules and Nov. 1 for ID theft red flags. On affiliate marketing, Moss explains that, with a few exceptions, if a credit union shares certain consumer information—called eligibility information—with an affiliate that affiliate cannot use the information for marketing solicitations unless certain conditions are met. Moss lays out those conditions and more in her article. Regarding ID red flags, Moss poses the seven questions credit unions should be asking during the few months left before the mandatory compliance date. As a little bonus in the article a credit union, Moss shares with readers a preliminary look at a brand new risk-based pricing proposal and previewed final “furnisher” regulations. The furnisher rules will require credit unions to have policies and procedures in place ensuring the accuracy and integrity of consumer information. And the proposal on risk-based pricing requires additional disclosures to consumers when less favorable credit terms are offered. Use the resource link below to glean more compliance gems in “FACT Checkup.”


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