Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Privacy SAR confidentiality on NCUA semiannual review
WASHINGTON (4/27/10)—In its latest semiannual regulatory agenda, the National Credit Union Administration (NCUA) said it plans to undertake a routine review of recent changes to the “substantive requirements” of its rule on Unfair or Deceptive Acts and Practices, among other items. The NCUA board earlier this year voted to withdraw its UDAP rule, effective July 1. As a result, federal credit union examiners will not be checking for compliance preparations with the UDAP rule, but instead will be instructed to consider a credit union's compliance with portions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009. UDAP rules are being superseded as the various portions of the CARD Act become law. The NCUA will also review “an interagency rule on model privacy notices and ways financial institutions can make them clear and conspicuous” and said that it likely will not take additional regulatory action “concerning the scope of confidentiality applicable to filed Suspicious Activity Reports (SAR) in the next year.” The SAR reporting rules were previously on the NCUA’s regulatory agenda. Overall, the NCUA RegFlex reviews aim to evaluate the impact of NCUA rules on small credit unions that hold under $10 million in assets. The regulatory agenda, published in the Federal Register, details upcoming regulatory developments within the NCUA. For the full release, use the resource link.
Other Resources

RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
8 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
11 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
11 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
12 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
13 hours ago