文章基本信息

标题：Act now; avoid separate privacy mailing
期刊名称：Credit Union Newswatch
印刷版ISSN：0889-5597
出版年度：2000
卷号：Oct 23, 2000
出版社：National Association of Credit Management

Act now; avoid separate privacy mailing

CUNA is urging credit unions to firm up their privacy disclosure notices to mail with first-quarter statements.

Although the compliance deadline isn't until July 1, 2001, the deadline will arrive before most second-quarter statements can be mailed. So the only other alternative would be to send the required notices in a costly separate mailing.

"We're telling all credit unions to have their privacy disclosure notices ready to mail within six months," explains Kathy Thompson, CUNA's Senior VP of Compliance. "That sounds like a lot of time, but before the notices can be mailed, credit unions must have their complete privacy policies and procedures in place."

On Thursday, the NCUA Board will address how requirements under the Fair Credit Reporting Act will fit with the new privacy regulation.

Then as early as next month, credit unions can expect their examiners to start asking for progress reports on privacy compliance.

"Although the privacy regulation is complex, the privacy notices don't have to be," Thompson suggests.

CUNA's Web site features a free packet of privacy compliance help. The packet includes two checklists and five sample notices with annotations to show how and where the regulatory requirements are met.