ALEXANDRIA, Va.—NCUA has made changes to its consumer complaint handling process, noting that in instances where credit unions are unable to resolve a complaint within 60 days the agency’s Consumer Assistance Center (CAC) will intervene.
In its Letter to Credit Unions (15-CU-04) NCUA indicated that the changes have been made to improve and streamline the CAC’s process in handling consumer complaints, and that the changes will be implemented gradually over the next several months.
“This extended implementation time period is intended to provide credit unions with sufficient opportunity to become familiar with the Consumer Assistance Center’s new procedures and make any necessary adjustments to their compliance management systems and complaint handling processes,” the letter said.
NCUA stated that the CAC will assign a case number and forward the complaint to the credit union’s CEO and to the chair of the credit union’s supervisory committee, who will then have 60 calendar days from date of the forwarded letter try to review and, if appropriate, attempt resolution of the matter.
If, within 60 days, the CU responds to NCUA that the matter is resolved, the CAC will close the case, the letter said. But if the CU fails to respond to NCUA or states that it cannot resolve the matter, the CAC will open a formal investigation, NCUA explained, and that both the credit union and consumers will be notified of the investigation.
In addition, the consumer can dispute the resolution of the complaint by contacting the CAC in writing within 30 calendar days of the date of the credit union's response letter.
NCUA noted that when the credit union adequately addresses the complaint, and the CAC analyzes all issues associated with the matter, the CAC will notify the consumer and the credit union of one of the five following potential outcomes:
- The complaint does not involve a federal financial consumer protection law or federal consumer compliance regulation for which NCUA has enforcement authority, and therefore, the CAC has closed its case in the matter.
- The complaint is the subject of a pending lawsuit, and therefore, the CAC has closed its case in the matter.
- The credit union has resolved the complaint with the consumer, and therefore, the CAC has closed its case in the matter.
- The credit union’s actions in the matter either did not violate or were not inconsistent with a federal financial consumer protection law or federal consumer compliance regulation, and the CAC has closed its case in the matter.
- The credit union’s actions in the matter either violated or were inconsistent with a federal financial consumer protection law or federal consumer compliance regulation for which NCUA has enforcement authority. To the extent NCUA has any supervisory concerns about the credit union’s actions, NCUA will follow up directly with the credit union to resolve them and ensure compliance with the applicable law or regulation.