A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
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|Clarissa Martin, Research and Information Consultant for the California and Nevada Credit Union Leagues|
The overall notice consists of two parts: a short notice and a long notice. They should be in the same language as the offer of credit or insurance.
The Fair Credit Reporting Act (FCRA) allows creditors to obtain credit reports for transactions not initiated by the member called “pre-screen offers of credit.” When a credit union engages in pre-screening, it is required to provide a notice to the consumer with their right to opt out of pre-screened solicitations for credit or insurance.
UNCLAIMED PROPERTY REPORTS DEADLINE
updated 10/13/15 12:31 PM
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Credit unions are reminded that Unclaimed Property Holder Notice Reports are due to the California State Controller’s Office (SCO) before Nov. 1 for accounts and property with no activity for the past three years.
COMPLIANCE ROUNDUP: ALERTS, GUIDANCE
updated 10/06/15 09:09 AM
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Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).