Michigan credit unions talk with Greg Sunstrum, deputy chief of staff for Rep. Debbie Dingell (D-Mich.) about top credit union issues. One leader, from a $15 million asset credit union with eight full-time employees, talked about how harmful the compliance burden was to her institution.
During discussion on data breaches, one credit union said they’ve had to reissue cards to the same members multiple times, presenting them with serious reputation risk in their community. Another recalled her accounting department working until 11 p.m. every night for a week just to keep up with reissuing cards and reimbursing members for fraudulent charges.
Attendees also discussed abusive lawsuits taking advantage of confusion over ADA and websites. He said his credit union was hit with a lawsuit from a California law firm, despite having done a full ADA audit in the previous year. Another credit union in the room was hit with a similar lawsuit from the same California firm, and both were given two weeks to settle before the case went to trial.