WASHINGTON (6/19/14)--A Credit Union National Association compliance staffer describes in CompBlog this week just what happens to a consumer's complaint once the Consumer Financial Protection Bureau passes it along to the National Credit Union Administration.
The CFPB only reviews complaints from members of credit unions with more than $10 billion in assets, and all others to the NCUA. CUNA's compliance specialist, Justin Santopietro, interviewed NCUA staff on their processes.
After talking with CFPB and NCUA officials, Santopietro found that the NCUA system is streamlined and well-staffed, with complaints processed within two months. The complaints from the CFPB, he learned, are fed directly into the NCUA system, and are therefore well-integrated into the federal credit union regulators' existing system.
Before addressing a grievance, however, the NCUA determines whether or not the complaint falls within the scope of its purview. If it does, according to NCUA, the regulator sends copies of the complaint to the appropriate credit union's supervisory committee CEO. The credit union is given 20 days to respond.
The whole process of investigation and response, Santopietro was told, generally takes less than 60 days.
Recent complaints, mostly deal with mortgage servicing, fees, student loans and fraudulent activity.
CUNA members can read Santopietro's full report of the NCUA complaint registry using the resource link below.