Dear Board Of Directors:
NCUA’ s recent Letter to Credit Unions 01-CU-02 provided information about requirements relating to consumer financial privacy to assist credit unions in complying with Title V, Section 502, Subtitle A of the Gramm-Leach-Bliley Act (the “Act”). The purpose of this letter is to provide additional information regarding the NCUA examination procedures to assist in complying with the Act.
Examination procedure requires the completion of the enclosed questionnaire, “Privacy of Consumer Financial Information.” This questionnaire includes, in summary format, key areas of review.
For your reference, I am also enclosing documentation adapted from Federal Financial Institutions Examination Council (FFIEC) guidelines. This documentation includes an introduction to Privacy of Consumer Financial Information, as well as examination procedures, a flowchart, and an examination checklist.