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NAFCU Statement On NCUA’s Ruling On Troubled Debt Restructuring, Interest-Rate Risk Policies And Derivatives

Posted: 2012-01-26 00:00:00
CONTACT:   Patty Briotta
703-842-2820
pbriotta@nafcu.org

WASHINGTON – National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker today issued the following statement regarding the National Credit Union Administration’s (NCUA) announcement on the interest-rate risk policies, troubled debt restructuring and derivatives.

“NAFCU has been steadfast in urging NCUA to address the issues of troubled debt restructurings (TDRs) since the fall of 2010. We appreciate that the NCUA is removing the hardline requirement that credit unions report TDRs as delinquent on call reports after six months. This gives credit unions much-needed flexibility in this matter. We do have concerns with NCUA’s new proposal that credit unions have formal written policies regarding loan modifications; we will be closely monitoring the burden of this aspect of the proposal with our members.”

“In terms of interest-rate risk (IRR), NAFCU has pushed for improvements in NCUA’s approach to credit unions’ IRR policies. NAFCU supports, in part, NCUA’s efforts to ensure credit unions have an interest-rate risk policy in place. However, we want to hold NCUA to its promise that it will not examine credit unions on a one-size-fits-all approach and will truly allow credit unions to formulate a policy that fits its risk profile.”

“In all of NCUA’s actions, NAFCU strives to ensure that there are no additional burdens on credit union reporting or policies.

“Regarding derivatives, NAFCU supports authority for credit unions to use derivatives as a risk management tool.”

NAFCU is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 
 
Comments (5)
Posted:2012-04-23 03:59:20
By:Lottie
DO not use them! You trash your credit by using themand some actually rip you off.Banks / mortgage companies will consider you bankrupt for up to 10 years after using CRC s. Go visit DaveRamsey.com learn to get your self out of slavery by your own boot straps. Credit repair is an oxymoron.Wealthy people do not do credit – read Millionaire Next Door

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Posted:2012-04-17 00:38:13
By:Justice
see if they have a finance company in your area. You may have to pay a high interest rate 25% or more until you get it paid off. If you have no late payments this could turn your credit around. Do not send the $ 700.00 to international trust! Try to stay with a reputable company that is located near your town and one that has been in business.If all else fails, get a second part-time job- or sell your stuff you no longer need on eBay-do not ship items until you get the money for it. Then make sure you send item within 5 days.You can also have a garage / bake sale.

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Posted:2012-04-01 00:08:59
By:Jetson
Before we answer this one, you need to know that there is an important difference between a credit report and a credit score.Credit report vs credit scoreThe credit report is just like it sounds: A listing of your financial accounts (such as bank accounts and credit cards), where you live, property owned or rented, how much you owe, how well you pay your bills, whether or not you have been sued or arrested, and if you have filed for bankruptcy.Your credit score takes the data from your credit report, and boils it down to a number. The FTC explains it as so:Information about you and your credit experiences, like your bill-paying history, the number and type of accounts you have, whether you pay your bills by the date they’re due, collection actions, outstanding debt, and the age of your accounts, is collected from your credit report. Using a statistical program, creditors compare this information to the loan repayment history of consumers with similar profiles. For example, a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are — how likely it is that you will repay a loan and make the payments when they’re due.A free credit reportBy federal law, Americans can get a free report from each of the three national credit reporting companies every year, or if you’re denied a loan based on your report.Via , you can get your credit report free once every 12 months from the major credit agencies: Equifax, Experian and TransUnion. Do note that the AnnualCreditReport.com site is the only federally-authorized source for the free annual credit report. (.)Getting your credit scoreDuring some mortgage transactions, you can get your credit score information free of charge — contact whoever is making or arranging your loan to find out how.Otherwise, getting your credit score can be a bit like navigating a maze. That’s because you ideally want your FICO score — this is the one that most lenders will be checking to make decisions about your credit. Via , FICO will charge about $20 for one report (but will try to sell you various other services, so shop carefully).The Fair Credit Reporting Act (FCRA) also gives you the right to get your own credit score from the national credit reporting companies. They are allowed to charge a “reasonable fee” — usually about $8 — for the score.Do be aware that the “big 3″ credit agencies will also try to upsell you on credit monitoring and other subscription services — and may make it hard to find the information you need for the single, low-cost report. Here are some direct links to help:Equifax: , call 1-877-SCORE-11Transunion: Get your credit score via  or call 1-800-888-4213. .Experian: Does not currently make a FICO score available via this program, but offers their own proprietary scoring system to consumers — which, depending on your needs, may not be as much help.That’s good karmaAs a free option, check out  — a free consumer service offering credit simulators, free credit scores (not FICO, but the TransRisk New Account Score and VantageScore from TransUnion), score comparisons and more to help you actively manage your credit and financial health.The upside to the hassleHaving good credit can certainly make your life easier — but you need to be organized and efficient with your bill paying chores to stay on track. , and also remind you that whenever entering personal or other sensitive data on a computer, ensure that the connection is secure (look for the lock icon on the web page). Furthermore, if you’re connected to the internet through wifi or a router, confirm that it is password-protected and the signal is encrypted ().

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Posted:2012-03-29 21:56:24
By:roumwaofpo
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Posted:2012-03-29 17:26:13
By:Kristine
You might click on my profile and click on the naca link I have etisld (National Association of Consumer Advocates)Look for an attorney in your area that works in the consumer credit field.Many lawyers give free first consults, be sure to ask about that when you call to set up an appointment.If you are past the collecting SOL (6 years in NY) you might file a counterclaim for them filing on a time barred debt.You might also be able to counter sue under the FCRA if the collector is reporting incorrectly and you can prove that you have suffered damages because of their reporting denied credit, required to pay a higher interest rate, etc.NY also has their own version of a FCRA that you may be able to claim on.Take your credit reports and any other info (denial letters, etc) with you when you speak to an attorney.Under the FTC FDCPA, collectors must cease all collections (including suing) when verification/validation is requested within the first 30 days of the first contact from the collection agency.If it is requested outside of the first 30 days then collectors do not have to cease collections until they respond.NY has it's own version of a FDCPA that may require a collector to cease collections when verification/validation is requested.Bring that point up if the lawyer does not mention it.Collectors must be licensed in NY to collect. Check and see if they are licensed.Call the New York City Deparment of Consumer AffairsLegal Department and ask.Take everything with you when you see the lawyer.Copies of your credit reports, if you disputed with the CRA's then take copies of your disputes, copies of every letter the collector has sent you (never know, there may be a violation in the letter), if you've suffered damages because of the reporting then take whatever proof you have of that, if you filed complaints with any agency (BBB, AG, FTC) take copies of the complaints, etc., etc., etc.

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