Written by Victoria Daka, Regulatory Compliance Counsel
On Monday, NCUA released the November issue of its monthly Report. This month’s Report features articles on, among other things, the Risk Based Capital Rule, revisions to delegations of authority and NCUA’s new process for handling consumer complaints.
In this blog post, I’ll focus on the article titled, Understanding the New Process for Handling Consumer Complaints. In this article, NCUA indicates that on September 9th, it launched its new consumer complaint handling process and improved online Consumer Assistance Center (CAC) portal – intended to streamline how it attempts to resolve consumer complaints involving consumer financial protection laws and regulations. As a refresher, the article notes that the new consumer complaint handling process involves two distinct phases. In the first phase, the credit union has 60 calendar days from receipt of the compliant to review and, if possible, resolve the matter in-house. If the credit union is unable to resolve the issue, then the second phase is triggered. In the second phase, CAC formally investigates the matter.
Additionally, the article highlights NCUA’s online CAC portal. NCUA indicates that in addition to consumers, credit unions will also be able to use the new CAC portal to submit complaint response information securely and check the status and number of complaints concerning their institutions. As per the article, CAC also provides new features that allow consumers to find financial protection information and personal finance resources. According to the article, NCUA expects to provide information in the upcoming weeks to credit unions on when and how they can sign-up for the CAC portal.
The November issue of NCUA’s Report can be viewed in its entirety here.
Regulatory Compliance Team’s Regulatory Update Webcast
Just as a friendly reminder, today at 2:00 pm, NAFCU's Regulatory Compliance team will provide a regulatory compliance update on recent CFPB and NCUA rules, regulations, and guidance. The team will also touch on what's to come next, honing in on other expected regulatory action that will affect your credit union's compliance department. Learn firsthand from NAFCU and get a jump on regulatory preparedness.