DCU Going to Electronic Consumer Complaint Communication
August 22, 2016
August 22, 2016
The Washington State Department of Financial Institutions Division of Credit Unions released Bulletin B-16-10 regarding Consumer Complaints – Electronic Communications.
The DCU will be transitioning to receiving and sending all consumer complaint communications electronically as a more efficient process. The DCU will begin sending all consumer complaints electronically to the applicable credit union as of October 1, 2016.
Starting in October, the Division will notify the credit union of the filed complaint through encrypted email with a read receipt upon delivery. The email will be delivered to the President/CEO of the credit union, unless the credit union designates a different primary contact. The Division is also asking for every credit union to provide a second and/or third contact person, who will be cc’d on the email.
Please submit your preferred contacts by Thursday, September 15, 2016 to Allyson Ross at Allyson.email@example.com.
After the credit union completes its investigation, they will need to send their response email to DCU@DFI.WA.GOV and send a copy of the response to the member.
Compliance Question of the Week
We have a member asking if it is permissible for them to store cash in their safe deposit box. We thought there was a rule against this but cannot locate one. Is it permissible for a member to keep cash in their safe deposit box?
There are no regulations which prohibit the deposit of cash in a safe deposit box. In fact, the credit union should not attempt to monitor what member place in their safe deposit boxes, other than to alert members to the types of objects which must not be placed in boxes such as explosives, toxic materials, or other items restricted per the terms of the contract.
The credit union’s duty is to exercise due care and ensure that only the member or their duly authorized agent has access to the safe deposit box.
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Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.