New and Renewal of Agency Information Collections
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The notice outlines proposals to extend and revise the data collection requirements for credit unions in the U.S. It largely impacts how these institutions manage mergers, privacy policies, mortgage loan registrations, and reverse mortgage risks, calling for comments from the public to evaluate the necessity and efficiency of these data collections.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Adjustment of data collection requirements for mergers of federally-insured credit unions
- Update on privacy policy disclosures under Regulation P
- Changes in registration requirements for mortgage loan originators
Obligations
What this law requires
Credit unions must obtain written approval from the NCUA Board before merging with another federally-insured credit union or converting to nonfederal share insurance.
Credit unions are required to disclose their privacy policies to customers and provide a clear opportunity for customers to opt out of information sharing with nonaffiliated third parties.
Credit unions must provide an initial privacy notice to customers that is clear and conspicuous, an annual notice of privacy policies, and revised notices if there are specific changes to the existing policy.
Employees of credit unions who act as residential mortgage loan originators must register with the Nationwide Mortgage Licensing System and Registry and obtain a unique identifier.
Credit unions must adopt and follow written policies and procedures for their employees who act as residential mortgage loan originators.