FACTA AIRES Questionnaires; Reg Z Reg Alert; 12-month Exam Cycle?

On Friday, NCUA released a letter to credit union (08-CU-24) to notify credit unions of two new AIRES questionnaires regarding FACTA compliance.

• Here's a link to the letter.

• Here's a link to the first attachment, which is an AIRES questionnaire on Red Flags Identity Theft.

• Here's the second attachment, which is an AIRES questionnaire for consumer report address discrepancy procedures and for the proper record disposal procedures.

As FCUs are now complying with these requirements, these questionnaires and the letter are must reads.

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NCUA issued Regulatory Alert 08-RA-06, which details recent changes to Regulation Z.  If you do mortgage lending, read it.

Amendments to the Home Mortgage Provisions of Regulation Z (Truth in Lending). The Federal Reserve Board recently approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures be given to consumers earlier in the mortgage lending process. These rules apply to all credit unions providing mortgage loans to their members.

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Last week, NCUA Chairman Michael Fryzel announced plans to increase NCUA's budget to hire additional examiners and senior executives.  One thing this would accomplish would allow NCUA to transition to a 12-month examination cycle.  Read the Chairman's statement about the initiative here.