I’ve always tried to be a glass half full sort of person so even though it is storming outside it’s time to talk about positive regulatory news. You read that right, positive regulatory news. The CFPB recently proposed a rule to streamline the annual privacy disclosure process. The proposed rule would permit credit unions that limit their data-sharing and meet certain other requirements to post their annual privacy notice online rather than delivering the notice to members individually. The proposal does carry several specific conditions that must be met before a credit union can use the alternative method of posting the notice on their website. For example, the information included in the privacy notice must not have changed since the member received the previous notice. However, this proposal would potentially allow credit unions to reduce their costs of providing the notice and allow members to access the privacy notice year-round. The proposal was published in the Federal Register today and kicked off the 30 day comment period.
Also on the positive news front, NCUA has created a Spanish version of the Share Insurance Estimator. Just as the English version, this tool is designed to provide members with detailed information about their share insurance coverage.
Perhaps the sun will start shining soon!