Regulatory Update 2-10-2020, Weekly Regulatory Advocacy Report (Follow-up & Correction)

by Tim Pierce and David Hawkins | Feb 10, 2020

 

Adverse Action Notice Article
This is a follow-up and correction to the previously sent February 10th Regulatory Update Email. Regulation B, Appendix A, lists the agency that credit union must list on adverse action notices.
  • Correction: Federal credit unions should list National Credit Union Administration, Office of Consumer Protection, 1775 Duke Street, Alexandria, VA 22314. You should note that this is NCUA’s Virginia office not its Austin, TX office.
  • State-chartered credit unions should list FTC Regional Office for region in which the creditor operates or Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
  • Credit unions with more than $10 billion in assets must list the Bureau of Consumer Financial Protection, 1700 G Street NW., Washington DC 20006.
  • Credit Union Service Organizations (CUSOs) should list FTC Regional Office for region in which the creditor operates or Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
Pending Regulatory Comment Call
Upcoming Effective Dates
Regulatory Update is a compliance resource delivered by email only. All Regulatory Updates are available on the League's website. If you have any questions, please don't hesitate to contact Joe Guilfoy, Tim Pierce or Dave Hawkins. If there is someone else at your credit union who should receive these updates, or if you would like to be removed from our list, please send a reply e-mail.