Friday, July 20, 2018

NCUA Response to Senator About Consumer Protection Issues at CUs

In response to a written question from Senator Sherrod Brown (D - OH), National Credit Union Administration (NCUA) Chairman McWatters stated that the agency had identified and corrected numerous consumer financial protection issues at credit unions between August 2014 and June 2017.

Senator Brown asked: "During your time on the board, have NCUA supervision teams identified and corrected any consumer protection issues?

McWatters wrote that NCUA examiners had corrected many consumer financial protection issues at credit unions. McWatters further noted that "[t]he majority of Federal consumer financial protection law violations ... involved the Truth in Lending Act, the Equal Credit Opportunity Act, and the Real Estate Settlement Procedures Act."

To address consumer financial protection violations, NCUA required credit unions to revise and implement new policies and procedures, increase staff training, or impose other administrative remedies.

The question and answer were part of the June 22 hearing by the Senate Committee Banking, Housing, and Urban Affairs titled "Fostering Economic Growth: Economic Perspective."

Go to the hearing record.

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