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NCUA enforces the following laws in federal credit unions:
- The Equal Credit Opportunity Act, implemented by the Federal Reserve
Board's Regulation B. This law prohibits discrimination in credit granting based
on the applicant's race, color, religion, national origin, sex, marital status or
age (provided the applicant has the capacity to contract). It also prohibits discrimination
against an applicant because all of his or her income derives from a public assistance
program or because the applicant has in good faith exercised any right under the
Consumer Credit Protection Act. In addition, the law requires creditors to notify
applicants of action taken on their applications and to report credit history in
the names of both spouses on an account.
- The Electronic Funds Transfer Act, implemented by the Federal Reserve
Board's Regulation E. This law establishes the basic rights, liabilities and responsibilities
of consumers who use electronic fund transfer services and of financial institutions
offering these services.
- The Expedited Funds Availability Act, implemented by the Federal
Reserve Board's Regulation CC. This law establishes rules and timeframes for financial
institutions to make deposits available for withdrawal. The law also requires each
financial institution to disclose its funds availability policies to customers or
members when they open their account.
- The Truth in Lending Act, implemented by the Federal Reserve Board's
Regulation Z. This law promotes the informed use of consumer credit by requiring
disclosures about its terms and costs. The regulation also gives consumers the right
to cancel credit transactions secured by a lien on a consumer's principal dwelling,
regulates certain credit card practices and provides a means for fair and timely
resolution of credit billing disputes.
- The Truth In Savings Act, which requires financial institutions
to disclose fees, dividend rates and other terms concerning accounts to members
or potential members before they open their share accounts.
- Part 706 of the National Credit Union Administration's Rules and Regulations.
This law prohibits a number of unfair credit practices, including the pyramiding
of late charges, and requires a notice of disclosure to cosigners before they become
obligated on a loan.
- The Fair Credit Reporting Act. This law primarily governs credit-reporting
agencies, whose regulator is the Federal Trade Commission. However, the law requires
credit unions and other creditors to: (1) notify consumers when they take adverse
action on the basis of information in consumer reports; and (2) supply customers
with the name and address of the consumer-reporting agency used.
- Part 716 of the National Credit Union Administration's Rules and Regulations.
This law: (1) requires a credit union to provide notice to members about its privacy
policies and practices; (2) describes the conditions under which a credit union
may disclose nonpublic personal information about consumers to nonaffiliated third
parties; and (3) provides a method for consumers to prevent a credit union from
disclosing that information to most nonaffiliated third parties by "opting
out" of that disclosure.