The CFPB’s republishing of Regulation B resulted in a required change for Federal Credit Unions. By January 1, 2013, FCU’s will need to change their Adverse Action Notices to include the addresses of the following Federal Agencies:
FCUs under $10 billion in assets
National Credit Union Administration (NCUA), Office of Consumer Protection (OCP), Division of Consumer Compliance and Outreach (DCCO) 1775 Duke Street, Alexandria, VA 22314
FCUs Over $10 billion in assets
Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20006
State-chartered credit unions should continue to list the Federal Trade Commission (FTC), Equal Credit Opportunity, Washington, DC 20580.
For those of you who are CU*Answers clients, you can update your loan denial notices on CU*BASE GOLD by going to speed sequence MNCNFB, option number 17.