WASHINGTON (6/18/14)--A Credit Union National Association compliance expert this week analyze the National Credit Union Administration's (NCUA) consumer complaint process.
The analysis comes on the heels of a detailed look last month at the Consumer Financial Protection Bureau's (CFPB) handling of complaints. In the new post, Justin Santopietro, of CUNA's compliance team, specifically studies what happens after the CFPB passes on complaints to the NCUA. The CFPB, by law, can only accept complaints from members of credit unions with over $10 billion in assets.
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 found, are fed directly into the NCUA system, and are therefore well-integrated into the federal credit union regulators' existing system.
Before even addressing the grievance, however, the NCUA determines whether or not the complaint falls within the scope of its mandate. If it does, Santopietro reports, the regulatory body sends copies of the complaint to the allegedly offending credit union's supervisory committee and the credit union's CEO. Afterward, the credit union has 20 days to respond.
The whole process of investigation and response, Santopietro found, generally takes more than 60 days.
Recent complaints, he found, mostly deal with mortgage servicing, fees, and student loans.
CUNA members can access this and other CompBlog entries through the resource link below.