Tuesday, February 25, 2020

Washington CU Regulator Expects CUs to Measure Consumer Complaints

The Washington Division of Credit Unions is expecting that credit union board of directors and senior management should receive periodic reports regarding consumer complaints.

The state regulator stated that these periodic reports should include the following:
  • 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; and
  • Any identified trends.
In addition, credit unions should clearly define procedures for processing member complaints, including complaints pertaining to third party service providers.
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