This Guide updates our previous publication. It incorporates changes in the Federal Credit Union Act required by the Credit Union Membership Access Act of 1998 and amendments to the related regulations governing credit union supervisory committee audits and verifications amended by the NCUA Board. It conveys information and provides clarifications to credit union officials and management, although it doesn't have the force and effect of a regulation. The Guide is useful to credit unions with a non-complex structure, and usually a smaller asset size. It is a burden for them to obtain the...

This guide is intended for use by a credit union's board of directors and management, compliance officers, and others having responsibility for compliance as part of their duties. While the guide covers most federal consumer protection laws and regulations that affect credit unions, it does not address all federal laws or any state laws. This guide is divided into five sections: Overviews - provide a brief description of what is covered in each regulation, what the regulations require of credit unions, and some potential risks; Review Considerations - contain various areas management should...