The National Credit Union Administration (NCUA) plans to submit an information collection request to the Office of Management and Budget (OMB) for review, as specified by the Paperwork Reduction Act of 1995. This request involves standards under the Fair Credit Reporting Act (FCRA), which sets guidelines for handling consumer credit information. Certain FCRA provisions have been adapted by the Consumer Financial Protection Bureau (CFPB), while others, such as those related to identity theft and card issuer duties, remain under NCUA's jurisdiction. The public is invited to provide comments by March 29, 2021.
Simple Explanation
The National Credit Union Administration (NCUA) wants to ask for permission to collect some information from people about their credit, and they want to do it in a way that's clear and easy to understand. They're asking for people to share what they think about this by March 29, 2021.