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WOLTERS KLUWER FINANCIAL SERVICES AND NAFCU SERVICES OFFER FREE PODCAST
David C. Frankil
703-842-2226
dfrankil@nafcu.org
Jennifer Marso
612-852-7912
jennifer.marso@wolterskluwer.com
Charles Miller
320-240-5457
charles.miller@wolterskluwer.com
WOlterS KLUWER Financial Services AND NAFCU SERVICEs offer free podcast To HELP CREDIT Unions MEET THE jan. 1 deadlinE for Privacy changeS
WASHINGTON — NAFCU Services Corporation (www.nafcu.org/nafcuservices) today announced the availability of a new podcast that outlines changes in privacy forms that will be required for all credit unions by January 1, 2011, if they want to maintain a safe harbor for compliance.
The podcast can be heard at www.nafcu.org/wkfs.
In the podcast, Ted Dreyer, senior attorney for Wolters Kluwer Financial Services, explains the required changes in privacy forms are part of an effort by regulators to make it easier for consumers to compare privacy practices among financial institutions and make the forms more user-friendly for them.
“For privacy notices given out after January 1, 2011, only the new form will have the safe harbor for compliance from the regulators,” explains Dreyer in the podcast. “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.”
Dreyer goes on to address the specific changes that credit unions need to be aware of and implement, including the standardized format and state-specific requirements. He also discusses certain limitations, as well as implications if guidelines are not followed.
“With so many new regulatory requirements coming up in 2011, this is the perfect opportunity for credit unions to review their upcoming compliance obligations,” says David Frankil, president of NAFCU Services Corporation. “Ted does a great job in identifying the privacy requirements and explaining this vital information.”
Wolters Kluwer Financial Services is the NAFCU Services Corporation Preferred Partner for consumer and member business lending and deposit services for credit unions.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with offices in the U.S., U.K., Germany, and Hong Kong. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2009) €3.4 billion ($4.8 billion) and approximately 19,300 employees worldwide. Please visit our website for more information.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.