OLYMPIA, Wash.—The Washington Division of Credit Unions is expecting credit union boards and senior management to provide periodic reports related to consumer complaints, reported Keith Leggett, the former senior vice president and senior economist at the ABA, on his blog.
The state regulator stated these periodic reports should include:
- The volume and types of complaints received
- The channels in which complaints are received (e.g. social media, email, in person)
- The reimbursements paid for potential violations of consumer protection laws
- Any identified trends
In addition, the regulator said credit unions should clearly define procedures for processing member complaints, including complaints pertaining to third-party service providers, Leggett said.