Hospital and health services credit union; prohibited trade practices, and affirmative corrective actions--Federal Trade Commission. Consent Order.
In settlement of alleged violations of federal law prohibiting unfair acts and practices and unfair methods of competition, this Consent Order requires an Ann Arbor, Michigan credit union, among other things, to cease failing to disclose, when rejecting a credit application or increasing the cost of credit, that the action is based partially or wholly on information contained in a consumer credit report; and provide the rejected applicant with the name and address of the reporting agency together with the specific principal reason(s) for the adverse action based on this information. The Order also requires the credit union to send to consumers who were denied credit between January 1, 1983, and the effective data of the Order, a letter containing required disclosures.
D005382:Financing, Personal / Q000331:legislation & jurisprudence*; D008824:Michigan; D010564:Personnel, Hospital