With Three Flavors, Who Enforces What?

Credit unions come in three flavors.  First, there are federal credit unions.  Then you have your state-chartered, federally-insured credit unions. Finally, you have your state-chartered, privately-insured credit unions.   Depending on which flavor your credit union is, you will have to answer to different regulators.  For example, NCUA enforces compliance with the Fair Credit Reporting Act (FCRA) for federal credit unions.  The Federal Trade Commission enforces the FCRA for state-chartered, federally insured and state chartered, privately insured credit unions. 

This would be hard to keep straight, especially with the high number of laws, regulations and agencies that exist.  The good news is this - you don't have to keep it straight.  NCUA has done the hard work for you!

Here is a chart that NCUA maintains that explains who enforces what regulation or statute against all three types of credit unions.   This chart comes in handy all the time for the Compliance Guy.  Enjoy!