Another day, another regulation. The latest, Regulation V, places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. Effective January 2011, the regulation requires you to notify a member of their credit score when they are approved for a loan. There are varying methods to comply with this regulation that the government has outlined. We’ve attached three documents in reference to this new regulation. Checking Your Credit Report, Technical Services Special Project Reguest, and Understanding Your Credit Score. Posted on this site is the most recent AuditLink Advisor, where we have provided more details on this regulation, as well as outlined how CU*Answers can provide a solution for your credit union.
AuditLink assistance with Reg V
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