ARLINGTON, Va. - The NCUA at its February regular board meeting approved for comment a proposed new privacy rule that includes language that defers to state-chartered credit unions and state regulators by giving state-chartered credit unions the advantage of complying with their state law. The proposed rule further specifically provides that NCUA consult with state regulators before making a privacy determination applicable to SCUs. NASCUS President Doug Duerr said NCUA's proposed privacy regulations "give rise to the question of who will be examining the federal credit unions within a state if the state's rule is more stringent than the federal rule. That's an interesting twist."
NASCUS, NCUA agree to defer to states when making privacy rules for SCUs
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