What is the timeframe for a credit union to respond to an error resolution inquiry?

The timeframe for a credit union to respond to an error resolution inquiry is 45 days. This period is established under the Fair Credit Reporting Act (FCRA) and the Truth in Lending Act (TILA), which govern how financial institutions, including credit unions, must handle disputes related to credit reporting and account errors.

Once a consumer submits a timely error resolution inquiry, the credit union is required to investigate the issue and provide a response within 45 days. This includes notifying the member of the results of the investigation. The purpose of this regulation is to ensure that consumers receive timely feedback on disputes, which helps maintain trust in the financial system and protects consumer rights.

The other timeframes provided are either too short or too long when looking at federal regulations in the context of error resolution inquiries. Therefore, 45 days is the correct response period required by law.