WASHINGTON — About four years in the making, the federal financial institutions regulators are rolling out two final interagency rules under the Fair and Accurate Credit Transactions Act.
The federal financial institutions regulators are jointly issuing the rules. The NCUA Board approved the rules by notation vote Oct. 15 while the FDIC released them following yesterday's board meeting.
The interagency final rule on marketing provides consumers with notice and opportunity to opt out of certain marketing by affiliated financial institutions. It would allow consumers, with exceptions, to have more control over how affiliates may use "eligibility information" like account history and other information from consumer reports or applications. The opt-out period must be valid for at least five years.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
