Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA advises CUs on creditworthiness info
ALEXANDRIA, Va. (11/9/10)—Federally backed credit unions in most cases “must consider information provided by a member that is not included in a traditional credit report” when making creditworthiness determinations, National Credit Union Administration Associate General Counsel Hattie Ulan wrote in a legal opinion letter. Ulan said that credit unions are required to do this in order to fully comply with section 202.6(b)(6) of the Federal Reserve Board’s Regulation B (Reg B). Reg B “includes requirements regarding additional information creditors must consider in determining creditworthiness in certain circumstances,” Ulan said. UIan added that creditors “may restrict the kinds of credit history and credit references they will consider in making a determination of creditworthiness as long as the restrictions are applied to all applicants without regard to any prohibited basis, such as race, sex, or marital status.” However, Ulan added, if a borrower requests it, “creditors must consider any information an applicant may present tending to indicate the credit history being considered does not accurately reflect the applicant’s creditworthiness.” This information must specifically be considered in situations where credit information that “relates to the same types of credit references and history the creditor would consider if reported through a credit bureau” is not reported through a credit bureau. For the full NCUA letter, use the resource link.
Other Resources

RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
54 minutes ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
59 minutes ago