Risk Based Pricing Form

Instructions and help about Risk Based Pricing

welcome to compliance in a flash video series my name is sharon murphy i'm a compliance consultant with lscu in this edition we will discuss risk-based pricing notices required by the fact act a risk-based pricing notice must be given when a consumer report is used in connection with an application or extension of credit to a consumer and based on that report credit is extended on materially less favorable terms than those available to a substantial proportion of consumers the credit union is not in compliance when it gives the notice to every consumer credit unions must use one of three methods to determine which members must receive the notice in order to comply with the regulation the direct comparison method credit score proxy method tiered pricing method for transactions involving two or more consumers the credit union must provide a risk-based pricing notice to each consumer thank you for tuning in to compliance in a flash for more compliance guidance remember to visit infosight