The NCUA Board issued a proposed privacy regulation implementing a recent law designed to protect the privacy of consumers financial records. As proposed, the rule requires that all federally insured credit unions have a privacy policy and make disclosures to consumers about whom they collect certain personal information. In some cases, credit unions will be required to provide notices to nonmembers who have an ongoing customer relationship with them. The NCUA Board adopted final amendments to Part 724 and 745 permitting FCUs in the Commonwealth of Puerto Rico and U.S. territories to offer trustee services for IRAs and clarifying that IRAs are insured separately from other member accounts. This action ensures that IRAs are treated the same throughout the US, its territories and possessions.
Votes are unanimous unless otherwise noted.