ALEXANDRIA, Va.-NCUA Associate General Counsel Sheila Albin wrote in an official opinion letter that while NCUA could not provide an opinion on the validity of a Processors Liability Policy, which J.T. Miller Company, Inc. said can be substituted for a title search and is marketing to credit unions, the agency found no law prohibiting credit unions from purchasing coverage. The insurance is designed to protect a lender's lien position.

However, Albin did point out that the federal financial institution regulators, including NCUA, passed regulations under the Gramm-Leach-Bliley Act governing the sharing of nonpublic personal information about consumers. She suggested the company review the regs found in 12 C.F.R. ?716.11.