ALEXANDRIA, Va. (1/27/16)--Federal credit union examiners are on notice that when a credit union meets certain statutory requirements it no longer must send annual privacy notices.
The National Credit Union Administration (NCUA) notified credit unions of this in a letter to credit unions (16-CU-03) issued this week. The letter reflects clarifications that the Credit Union National Association (CUNA) sought from the agency.
CUNA led efforts for the modernizations to privacy notices that were signed into law last month as part of the wide-ranging Fixing America’s Surface Transportation (FAST) Act.
The new NCUA letter reminds that the exception for annual privacy notices is available to a credit union:
“NCUA examiners have been notified that if your credit union meets the applicable requirements, you need not send annual privacy notices unless and until your credit union no longer meets those requirements," the letter, signed by NCUA Chair Debbie Matz states.
The Consumer Financial Protection Bureau issued a statement late December saying all the privacy notice changes were effective immediately.