Agency: National Credit Union Administration
Final Rule Summary: Asset Threshold for Determining the Appropriate Supervisory Office; Office of National Examinations and Supervision (ONES)
The NCUA Board is amending its regulations to revise the $10 billion asset threshold used for assigning supervision of consumer federally insured credit unions (FICUs) to the Office of National Examinations and Supervision (ONES). The rule does not alter any regulatory requirements for covered credit unions. The rule only applies to FICUs whose assets are $10 billion or more. The rule provides that covered credit unions with less than $15 billion in total assets, referred to as Tier I credit unions, will be supervised by the appropriate NCUA Regional Office. Credit unions with $15 billion or more in total assets, considered Tier II and Tier III, will continue to be supervised by ONES.
The final rule is effective January 1, 2023, and can be found in its entirety here.
Agency: Consumer Financial Protection Bureau
Fair Credit Reporting: Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports
12 CFR Part 1022
The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to outline certain obligations of consumer reporting agencies and consumer report users under Section 604 of the Fair Credit Reporting Act (FCRA). The opinion explains that the permissible purposes listed in FCRA Section 604(a)(3) are consumer specific, and it affirms that a consumer reporting agency may not provide a consumer report to a user under FCRA Section 604(a)(3) unless it has reason to believe that all of the consumer report information it includes pertains to the consumer who is the subject of the user’s request. The Bureau notes that disclaimers will not cure a failure to have a reason to believe that a user has a permissible purpose for a consumer report provided pursuant to FCRA Section 604(a)(3). The advisory opinion also reminds consumer report users that FCRA Section 604(f) strictly prohibits a person who uses or obtains a consumer report from doing so without a permissible purpose.
The advisory opinion became effective on July 12, 2022 and can be found here.