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| Latest Compliance 101 covers Fair Credit Reporting Act |
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The latest entry in America’s Credit Unions’ Compliance 101 series examines key provisions of the Fair Credit Reporting Act in three parts. The series—available in the members-only Compliance Library—covers the basics of rules, regulations, and laws that affect credit unions.
The FCRA governs the collection, assembly, and use of consumer report information and provides the framework for the credit reporting system in the United States. It imposes specific duties on “consumer reporting agencies” that collect and compile “consumer” information into “consumer reports,” users of consumer reports, and “furnishers” of information to consumer reporting agencies.
The series covers:
• Part 1: General summary of the FCRA, including key definitions and who the legislation covers;
• Part 2: Examining identity theft-related requirements, including additions and expansions from 2003’s Fair and Accurate Credit Transaction (FACT) Act.
• Part 3: High-level overview of the adverse action requirements and the required notices under both the FCRA and ECOA and their implementing regulations.
Previous entries in the Compliance 101 series cover Regulation E and NCUA’s Truth in Savings regulation.
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