Yes. A credit union may verify the status of the member by using code or other indicator describing that status on a consumer report it obtains from a nationwide consumer reporting agency or a reseller of such reports to determine whether a member is a covered borrower. 16
Just just What documents must my credit union stick to make use of the safe harbor supply?
To be protected because of the safe harbor provision, you need to produce an archive on time and keep maintaining it. The rule that is final maybe not specify the length of time you need to wthhold the documents.
Which are the timing demands for determining covered debtor status?
You may figure out covered debtor status, and keep consitently the record of data acquired, only at that time:
- An associate initiates the deal, or thirty day period before that point;
- An associate relates to establish the account or thirty day period before that time; or
- The credit union develops or processes a strong offer of credit that features the status regarding the user being a borrower that is covered provided that the user reacts towards the offer within 60 times following the credit union provides the user the offer. Continua a leggere