Credit unions wanting information about how to comply with Red Flag rules on privacy can download a free podcast from NAFCU Services and Wolters/Kluwer Financial.
The rules, which take effect Jan. 1, require financial institutions--including credit unions--to issue privacy forms so consumers know there are greater privacy safeguards.
Wolters Kluwer Financial Services Senior Financial Attorney Ted Dreyer said in the podcast that for privacy notices given out after Jan. 1, "only the new form will have the safe harbor for compliance from the regulators.''
He added that "having a safe harbor is significant to credit unions because it limits the discretion of examiners to question their compliance with the privacy requirements. As long as credit unions have properly used the new form, they are in compliance."
To access a sample form issued by the NCUA and other financial regulators, go to:
http://www.federalreserve.gov/bankinforeg/privacy_notice_instructions.pdf
To access the podcast, go to: http://www.nafcu.org//Content/NavigationMenu/NAFCU_Services_Corp/Preferred_Partners_A-Z/Wolters_Kluwer.htm
