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On Feb. 9, 2021, the National Credit Union Administration’s (NCUA) Office of Inspector General (OIG) released the results of an audit of NCUA’s consumer complaint program.
The 46-page report detailed areas where the NCUA could improve internal controls over the consumer complaint program. There was a total of nine recommendations and three suggestions in the report.
One area the OIG recommended be improved is increasing the sharing of complaint data with examiners when the complaint involved violations of consumer protection regulations. There is concern that if examiners do not receive this sort of complaint information, then examiners would not know to test specific regulatory requirements that had been the basis of a previously made complaint. The OIG wants examiners to receive complaint information more frequently and then utilize the information in the complaints to a greater extent.
Credit unions can expect that NCUA will improve internal controls over its complaint processing system and increase communication about complaints with NCUA examiners.
For more information on regulatory compliance impacts on your credit union, contact our regulatory compliance specialists today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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