New NCUA Office Means Compliance Change for Federal Credit Unions

Effective February 1, 2011, the NCUA has created a new office, the Office of Consumer Protection. One division of the new office will be responsible for consumer compliance policy, program and rulemaking, fair lending examinations, financial literacy programs, and will act as the liaison for consumer protection and compliance issues and have ombudsman duties.

In this role it replaces the Region V office as the enforcement authority cited on adverse action notices and fair lending documentation used by federal credit unions. State credit unions should continue to list the FTC as their enforcement authority.

The contact information for the new office is: National Credit Union Administration, Office of Consumer Protection, 1775 Duke St., Alexandria, VA 22314. Its phone number is 703-518-1140, and its fax is 703-518-6672.

Posted in Compliance News, Federal, NCUA.