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October 23, 2008



Has NCUA completed their examination procedures for the Red Flags?

Steve Van Beek

NCUA has not issued their examination procedures yet. When they do, I would expect it to be sent in a Letter to Credit Unions.

Here is the link to the Fed Reserve's notice of their examination procedures. http://federalreserve.gov/boarddocs/srletters/2008/SR0807.htm

Since the rule was an interagency rule, it is likely that NCUA's examination procedures will be very similar to the Fed's.

Anthony Demangone

For you state chartered folks out there, note that the FTC does not apply to address discrepancy rules that were issued at the same time as the Red Flags rules!!

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