 | Stephanie Herman
is certified as a Credit Union Compliance Expert and has served as Quality Assurance Director for Boeing Wichita Credit Union since 2001. She graduated with an Accounting degree from Wichita State University in 1994 and is a member of the Association of Credit Union Internal Auditors. You may contact Stephanie at (800) 342-9278, ext. 5101 or locally at (316) 651-5101. |
Credit Unions
2004-05-01 17:17:00
Do you abide by the same laws?
: Do credit unions and banks have to abide by the same laws in all situations (i.e. reserves, truth in lending, etc.)?
ANSWER: Yes and no. Credit Unions and banks have to abide by their state statutes and some of the same federal regulations, (i.e. Bank Secrecy Act, Truth and Lending, Truth and Savings, Fair Credit Reporting, Gramm Leach Bliley, etc.), but since banks and credit unions are federally regulated by different divisions (OTS vs NCUA), of the US Treasurer's Office, there are different governing rules that may apply. In addition, state chartered and community chartered credit unions are regulated at the state level, but the application process differs depending upon a credit union's charter.
