Regulations and Disclosures


Know Your Rights Before You Sign

Regulations You Should Know!

At Granite Credit Union we work very hard to follow the regulations listed below. Most of these regulations were enacted to protect consumers from unscrupulous business or banking practice. Since we’re member owned and directed we believe that following these regulations is in the best interest of Granite Credit Union and our members.

Review and Protect Yourself

The following are a few of the regulations that you should review so you know your rights and  how to protect yourself with all your financial and banking transactions.

Young couple signing paperwork.

Granite Credit Union Privacy Notice

You can review our Privacy Notice by clicking on any of the following.

Download  Granite CU Privacy Notice

Granite CU Privacy Policy page #1Privacy Policy page #2

Americans with Disabilities Act

This Act was passed in 1990 and is a civil right law that prohibits discrimination based on disability. Not only do we work hard to make employment and our facilities accessible but we have worked hard to also make our website accessible.

Granite Credit Union Website Accessibility

We are continually working to ensure that our site adheres to WCAG standards. We completed an annual audit of our site July, 2018. Most issues that were revealed by “wA11y-The Web Accessibility Toolbox” plugin and by Chrome’s Developer tools were resolved.

Granite Credit Union is committed to providing a website that is as accessible as our physical branch locations. We have implemented the recommendations of the Web Content Accessibility Guidelines (WCAG) as published by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C.) There is no definitive test nor certification of conformance to Level A or Level AA of the WCAG but we have used a variety of methods for assessing accessibility.

If you find a part of the site that you feel does not conform to Level A or Level AA of the WCAG, please use one of the methods below to let us know so that we can rectify it.

Granite Credit Union strives to make every page accessible to users but cannot guarantee that every page fully meets Level A and Level AA guidelines.

Granite Credit Union has used WCAG guidelines for compliance because they are determined by the W3C, the consortium that makes all guidelines for the Internet, worldwide.

Some pages have partial conformance due to the use of 3rd party vendors. As such, Granite Credit Union does not claim full site-wide conformance but instead a partial conformance, as defined by WCAG Level AA 2.0. We cannot ensure conformance of third-party plug-ins and widgets.

Electronic Funds Transfer Act

This regulation sets guidelines to protect consumers and financial institutions with transfers such as automated teller machines (ATMs), point-of sale transactions and automated clearing house (ACH) systems. Rules pertaining to consumer liability for unauthorized card usage fall under this regulation as well.

Regulations E outlines the procedures consumers must follow in reporting errors with EFTs and the steps a financial institution must take to provide recourse. See our Reg  E disclosure below.

Click here for the complete Electronic Fund Transfer Agreement and Disclosure

Truth in Lending

This act was passed in 1968 to promote the informed use of consumer credit by requiring disclosures about the terms and costs in a standardized and consistent manner allowing consumers the ability to accurately compare costs between financial institutions.

You can see this act in action when you get a “truth-in-lending” form to review along with your promissory note when you close a loan. Also, a “truth in lending” disclosure will give you all the interest rates and fees you’ll pay on a VISA. You should review this before getting a VISA card. It is also a good way to compare VISAs from different financial institutions. See our VISA Truth in Lending disclosure here.

Truth in Savings

This act was passed in 1991. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. You can see this act in action on our rate page. The APY (Annual Percentage Yield) can be compared directly to other financial institution’s APY.

Fair Lending

The Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA) protect consumers by prohibiting unfair and discriminatory practices. Read OCC’s Answers about Consumer Loans and Answers about Consumer Mortgages for more information.

Discrimination

The FHA prohibits discrimination in residential real estate–related transactions based on…

  • Race or color
  • National origin
  • Religion
  • Sex
  • Familial status
  • Handicap

The ECOA prohibits discrimination in credit transactions based on

  • Race or color
  • National origin
  • Religion
  • Sex
  • Marital status
  • Age*
  • Applicant’s receipt of income from a public assistance program
  • Applicant’s exercise, in good faith, of any right under the Consumer Credit Protection Act

*Age is a prohibited factor provided the applicant has the capacity to enter into a contract.

Disparate Impact

A lender’s policies, even when applied equally to all its credit applicants, may have a negative effect on certain applicants. For example, a lender may have a policy of not making single family home loans for less than $60,000. This policy might exclude a high number of applicants who have lower income levels or lower home values than the rest of the applicant pool. That uneven effect of the policy is called disparate impact.

Disparate Treatment

Illegal disparate treatment occurs when a lender bases its lending decision on one or more of the prohibited discriminatory factors covered by the fair lending laws. For example, if lender offers a credit card with a limit of $750 for applicants age 21 through 30 and $1,500 for applicants over age 30. This policy violates the ECOA’s prohibition on discrimination based on age.

Predatory Lending

Fair lending laws also contain provisions to address predatory lending practices. Some examples follow:

  • Collateral or equity “stripping”: The practice of making loans that rely on the liquidation value of the borrower’s home or other collateral rather than the borrower’s ability to repay.
  • Inadequate disclosure: The practice of failing to fully disclose or explain the true costs and risks of loan transactions.
  • Risky loan terms and structures: The practice of making loans with terms or structures that make it more difficult or impossible for borrowers to reduce their indebtedness.
  • Padding or packing: The practice of charging customers unearned, concealed, or unwarranted fees.
  • Flipping: The practice of encouraging customers to frequently refinance mortgage loans solely for the purpose of earning loan-related fees.
  • Single-premium credit insurance: The requirement to obtain life, disability, or unemployment insurance for which the consumer does not receive a net tangible financial benefit.

Unfair and Deceptive Practices

The OCC took the lead among the federal bank regulatory agencies in developing an approach to address unfair and deceptive marketing practices. These practices are often an element in predatory lending. The OCC has taken a number of enforcement actions against banks that were found to have engaged in abusive practices and, in one landmark case, required a bank to pay over $300 million in restitution to its customers. The following are a number of OCC actions and issuances related to unfair and deceptive practices.

12/04/2008 OCC Revises the Settlement Agreement Dated April 24, 2008, with Wachovia and Directs the Bank to Reimburse Consumers directly.
News Release 2008-143 | Amended Agreement
04/24/2008 OCC Directs Wachovia to Make Restitution to Consumers Harmed by the Bank’s Relationship with Telemarketers and Third Party Processors.
News Release 2008-48 | Formal Agreement
11/04/2005 OCC Takes Action Against Bank and Subsidiary for Lending Practices
News Release 2005-110 | Action
02/28/2005 OCC Issues a Cease and Desist Order and $5 Million Civil Money Penalty for Mortgage Fraud Against Chicago Title Insurance Company
News Release 2005-21 | Consent Order
11/13/2003 OCC Takes Action Against Texas Bank Engaged in Abusive Lending
News Release 2003-88 | Consent Order
08/01/2003 OCC Requires First Consumers National Bank to Refund Customer Fees
News Release 2003-60 | Formal Agreement
01/21/2003 OCC Concludes Case Against First National Bank in Brookings Involving Payday Lending, Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards
News Release 2003-03 | Consent Order
06/28/2000 Providian to Cease Unfair Practices, Pay Consumers Minimum of $300 Million Under Settlement with OCC and San Francisco District Attorney
News Release 2000-49 | Statement | Consent Order | Stipulation | Fact Sheet

See more at https://www.occ.gov/topics/consumer-protection/fair-lending/index-fair-lending.html

Privacy Notice

Granite Credit Union Privacy Notice

You can review our Privacy Notice by clicking on any of the following.

Download  Granite CU Privacy Notice

Granite CU Privacy Policy page #1Privacy Policy page #2

ADA - Website Accessibility

Americans with Disabilities Act

This Act was passed in 1990 and is a civil right law that prohibits discrimination based on disability. Not only do we work hard to make employment and our facilities accessible but we have worked hard to also make our website accessible.

Granite Credit Union Website Accessibility

We are continually working to ensure that our site adheres to WCAG standards. We completed an annual audit of our site July, 2018. Most issues that were revealed by “wA11y-The Web Accessibility Toolbox” plugin and by Chrome’s Developer tools were resolved.

Granite Credit Union is committed to providing a website that is as accessible as our physical branch locations. We have implemented the recommendations of the Web Content Accessibility Guidelines (WCAG) as published by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C.) There is no definitive test nor certification of conformance to Level A or Level AA of the WCAG but we have used a variety of methods for assessing accessibility.

If you find a part of the site that you feel does not conform to Level A or Level AA of the WCAG, please use one of the methods below to let us know so that we can rectify it.

Granite Credit Union strives to make every page accessible to users but cannot guarantee that every page fully meets Level A and Level AA guidelines.

Granite Credit Union has used WCAG guidelines for compliance because they are determined by the W3C, the consortium that makes all guidelines for the Internet, worldwide.

Some pages have partial conformance due to the use of 3rd party vendors. As such, Granite Credit Union does not claim full site-wide conformance but instead a partial conformance, as defined by WCAG Level AA 2.0. We cannot ensure conformance of third-party plug-ins and widgets.

Reg E - EFT Act

Electronic Funds Transfer Act

This regulation sets guidelines to protect consumers and financial institutions with transfers such as automated teller machines (ATMs), point-of sale transactions and automated clearing house (ACH) systems. Rules pertaining to consumer liability for unauthorized card usage fall under this regulation as well.

Regulations E outlines the procedures consumers must follow in reporting errors with EFTs and the steps a financial institution must take to provide recourse. See our Reg  E disclosure below.

Click here for the complete Electronic Fund Transfer Agreement and Disclosure

Reg Z - Truth in Lendng

Truth in Lending

This act was passed in 1968 to promote the informed use of consumer credit by requiring disclosures about the terms and costs in a standardized and consistent manner allowing consumers the ability to accurately compare costs between financial institutions.

You can see this act in action when you get a “truth-in-lending” form to review along with your promissory note when you close a loan. Also, a “truth in lending” disclosure will give you all the interest rates and fees you’ll pay on a VISA. You should review this before getting a VISA card. It is also a good way to compare VISAs from different financial institutions. See our VISA Truth in Lending disclosure here.

Reg DD - Truth in Savings

Truth in Savings

This act was passed in 1991. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. You can see this act in action on our rate page. The APY (Annual Percentage Yield) can be compared directly to other financial institution’s APY.

Equal Credit

Fair Lending

The Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA) protect consumers by prohibiting unfair and discriminatory practices. Read OCC’s Answers about Consumer Loans and Answers about Consumer Mortgages for more information.

Discrimination

The FHA prohibits discrimination in residential real estate–related transactions based on…

  • Race or color
  • National origin
  • Religion
  • Sex
  • Familial status
  • Handicap

The ECOA prohibits discrimination in credit transactions based on

  • Race or color
  • National origin
  • Religion
  • Sex
  • Marital status
  • Age*
  • Applicant’s receipt of income from a public assistance program
  • Applicant’s exercise, in good faith, of any right under the Consumer Credit Protection Act

*Age is a prohibited factor provided the applicant has the capacity to enter into a contract.

Disparate Impact

A lender’s policies, even when applied equally to all its credit applicants, may have a negative effect on certain applicants. For example, a lender may have a policy of not making single family home loans for less than $60,000. This policy might exclude a high number of applicants who have lower income levels or lower home values than the rest of the applicant pool. That uneven effect of the policy is called disparate impact.

Disparate Treatment

Illegal disparate treatment occurs when a lender bases its lending decision on one or more of the prohibited discriminatory factors covered by the fair lending laws. For example, if lender offers a credit card with a limit of $750 for applicants age 21 through 30 and $1,500 for applicants over age 30. This policy violates the ECOA’s prohibition on discrimination based on age.

Predatory Lending

Fair lending laws also contain provisions to address predatory lending practices. Some examples follow:

  • Collateral or equity “stripping”: The practice of making loans that rely on the liquidation value of the borrower’s home or other collateral rather than the borrower’s ability to repay.
  • Inadequate disclosure: The practice of failing to fully disclose or explain the true costs and risks of loan transactions.
  • Risky loan terms and structures: The practice of making loans with terms or structures that make it more difficult or impossible for borrowers to reduce their indebtedness.
  • Padding or packing: The practice of charging customers unearned, concealed, or unwarranted fees.
  • Flipping: The practice of encouraging customers to frequently refinance mortgage loans solely for the purpose of earning loan-related fees.
  • Single-premium credit insurance: The requirement to obtain life, disability, or unemployment insurance for which the consumer does not receive a net tangible financial benefit.

Unfair and Deceptive Practices

The OCC took the lead among the federal bank regulatory agencies in developing an approach to address unfair and deceptive marketing practices. These practices are often an element in predatory lending. The OCC has taken a number of enforcement actions against banks that were found to have engaged in abusive practices and, in one landmark case, required a bank to pay over $300 million in restitution to its customers. The following are a number of OCC actions and issuances related to unfair and deceptive practices.

12/04/2008 OCC Revises the Settlement Agreement Dated April 24, 2008, with Wachovia and Directs the Bank to Reimburse Consumers directly.
News Release 2008-143 | Amended Agreement
04/24/2008 OCC Directs Wachovia to Make Restitution to Consumers Harmed by the Bank’s Relationship with Telemarketers and Third Party Processors.
News Release 2008-48 | Formal Agreement
11/04/2005 OCC Takes Action Against Bank and Subsidiary for Lending Practices
News Release 2005-110 | Action
02/28/2005 OCC Issues a Cease and Desist Order and $5 Million Civil Money Penalty for Mortgage Fraud Against Chicago Title Insurance Company
News Release 2005-21 | Consent Order
11/13/2003 OCC Takes Action Against Texas Bank Engaged in Abusive Lending
News Release 2003-88 | Consent Order
08/01/2003 OCC Requires First Consumers National Bank to Refund Customer Fees
News Release 2003-60 | Formal Agreement
01/21/2003 OCC Concludes Case Against First National Bank in Brookings Involving Payday Lending, Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards
News Release 2003-03 | Consent Order
06/28/2000 Providian to Cease Unfair Practices, Pay Consumers Minimum of $300 Million Under Settlement with OCC and San Francisco District Attorney
News Release 2000-49 | Statement | Consent Order | Stipulation | Fact Sheet

See more at https://www.occ.gov/topics/consumer-protection/fair-lending/index-fair-lending.html