HARRISBURG, Penn.—A growing number of credit unions in this region are being deposed for a class-action lawsuit involving alleged missing information in its repossession notification letters, according to the CrossState CU Association.
The lawsuit alleges some words are missing from the credit unions’ 15-day notification letter that indicates if the sale is private or public, and that borrowers are entitled to an itemized accounting of the loan, the league explained.
The CrossState CU Association, which represents credit unions in Pennsylvania and New Jersey, is urging credit unions to check their letters for “all content requirements.”
Case Serves as Reminder
“Credit unions have been dealing with this for decades. If a credit union inadvertently misses one or two points of information on a letter/notice, the notice can be invalidated and challenged,” Julie Bancroft, strategic marketing and communications officer with the league, told CUToday.info. “A recent case prompted us to remind our members they should regularly review their repossession letters/notices for compliance and to reshare the available member resources.”
How to Get the Daily CU News Headlines In Your Inbox Each Day, For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com