Newsroom
NAFCU calls for credit reporting improvements as senators hold oversight hearing
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Senate Banking Committee Wednesday ahead of its hearing to provide oversight over credit reporting agencies today, offering support for the use of alternative models that more accurately capture creditworthy borrowers.
“NAFCU believes that improvements can be made to the current credit scoring system that allow credit unions to better serve their members without creating onerous new burdens,” wrote Thaler.
Thaler reiterated credit unions’ support of a fair and accurate credit reporting system, but warned against efforts that call for blanket suppression of negative credit information. The association recently flagged concerns for lawmakers about credit repair scams that target vulnerable Americans and “jam the credit reporting system with illegitimate claims” and is also monitoring litigation related to the Fair Credit Reporting Act.
In addition, Thaler highlighted the need for a national data security standard for entities that collect and store consumers’ personal and financial information, especially those entities that are not already subject to the same stringent requirements as depository institutions. Thaler stressed the need for depository institutions to be made aware of data breaches at credit bureaus as soon as possible so that the institution can proactively monitor any affected accounts.
NAFCU will monitor today’s hearing and continue to advocate for a fair and accurate credit reporting system.
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.