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By John Zasada, JD, CAMS – Shareholder, Financial Institutions Group

In prepared remarks to the CUNA Government Affairs Conference on Feb. 27, 2023, National Credit Union Administration (NCUA) Chairman Todd Harper announced the start of a process to create enhanced consumer compliance testing for credit unions. Harper pointed out the NCUA currently does not conduct separate consumer compliance exams, nor does the agency assign a separate consumer financial protection rating – which is unfair for credit union members. As a result, the NCUA is now creating consumer compliance specialist positions in the field and starting the process to build out an enhanced consumer compliance exam program.

Harper also indicated federal credit unions with more than $500 million in assets will have examiners dig into their authorize positive, settle negative transactions, as well as some other “problematic fees.”

To learn more about your credit union’s regulatory compliance requirements, contact Doeren Mayhew today.