NATIONAL CREDIT UNION ADMINISTRATION ISSUES RULE: THIRD-PARTY SERVICING OF INDIRECT VEHICLE LOANS

WASHINGTON, Aug. 6 -- National Credit Union Administration has issued a rule called: Third-Party Servicing of Indirect Vehicle Loans.

The rule was published in the Federal Register on Aug. 6 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: The NCUA Board (Board) is issuing a final rule removing NCUA's unnecessarily prescriptive regulation regarding third-party servicing of indirect vehicle loans. This action will reduce regulatory burden and provide federally insured credit unions (FICUs) with greater operational flexibility, consistent with a principles-based supervisory approach. The intent is to reduce administrative costs and compliance complexity, enabling credit unions to serve their members more efficiently.

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