HIGHTSTOWN, N.J. - Add The Credit Union Affiliates of New Jersey's name to the growing list of credit union leagues and trade associations speaking out against NCUA's controversial privacy amendment. "We strongly oppose this amendment because it will create a major regulatory and financial burden on credit unions unnecessarily," wrote CUANJ President/CEO Russell Clark in his May 10-letter to the agency. NCUA's amendment requires credit unions send co-borrowers and guarantors the same privacy disclosures required by law for primary borrowers. This "adds insult to injury by compelling credit unions, which are on average the least wealthy federally regulated institutions, to absorb the enormous expense of providing these disclosures to co-borrowers and guarantors, when credit unions are the least likely to market this information to third parties," said Clark. "At a time when the credit union movement is emphasizing service to small credit unions, it is unconscionable to impose such costs on those financial institutions least equipped to absorb them," he stressed.
CUANJ urges NCUA to kill privacy amendment
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