True or false: Credit unions must shred documents containing consumer information every six months.

False. Credit unions must dispose of consumer information properly, but the method of disposal is up to the credit union. The timing depends on the credit union's record-retention schedule (governed by state and federal requirements).

NCUA's security regulation (Part 748) requires all federally insured credit unions to develop, implement, and maintain appropriate measures to properly dispose of "member" information and "consumer" information.

Member information means any record containing nonpublic personal information, such as personally identifiable financial information. Consumer information means information about individuals derived from consumer reports.

Source: Credit Union Magazine, August 2008, Compliance Q & A