Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA backs coordinated consumer hotline
WASHINGTON (12/13/07)—The National Credit Union Administration’s (NCUA’s) current consumer complaint system works well but the regulator supports a plan to establish a single, toll-free hotline number for all consumers complaints associated with any financial institution, NCUA Executive Director Leonard Skiles testified Wednesday. However, Skiles stressed the importance that the NCUA continue to have direct responsibility over inquiries regarding credit unions. The agency, he said, is the authority on the unique nature of credit unions, and especially the use of a credit union’s independent supervisory committee to resolve disputes. He was testifying before the House Financial Services subcommittee on financial institutions and consumer credit on the "Financial Consumer Hotline Act of 2007." While underscoring the NCUA’s belief that its present system works, Skiles also acknowledged that the multitude of regulators, the distinction between federal and state regulatory responsibility, and the increasing complexity of financial institution ownership structures can make it difficult for consumers to know which regulatory agency can assist them. "Frankly, consumers just want the problem fixed, and Congress' proposal would improve the process to do just that," Skiles said. Skiles represented the NCUA as part of the subcommittee’s first panel of witnesses, comprised of federal and state financial institution regulators. A second panel of witnesses featured consumer groups, Consumers Union and U.S. Public Interest Group. Use the resource link below to access Skiles' complete testimony.
Other Resources

RSS print
News Now LiveWire
Stay tuned for News Now as technical difficulties are addressed.
1 hours ago
Looking for a summer vacation savings account? @GOBankingRates has a #creditunion for you. http://t.co/PCCifO7q62
2 hours ago
.@wichitaeagle highlights #MidAmerican #CreditUnion in Wichita and how it focuses on members w/a personal touch http://t.co/Ut3oUWUCkl
2 hours ago
If you got a tax refund, put some aside, #VisionsFCU financial specialist tells @WBNGActionNews http://t.co/TuHsbeNdzb
18 hours ago
.@CUNA staff bring back "Pressing Issues" quarterly conference calls http://t.co/7XQMpcIqD1 #CUNAComply
20 hours ago