NCUA Unveils New Resources for Consumer Protection

Credit union officials now have new resources to better understand and follow new consumer protection rules on mortgage lending and remittance transfers. The National Credit Union Administration released a three-part Consumer Protection Update and posted supporting content on the agency’s consumer Web site, MyCreditUnion.gov, to explain the new rules on international remittances and mortgage lending. The rules are required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. “One of the reasons why we created NCUA’s Office of Consumer Protection was to educate credit unions about consumer protection issues,” NCUA Board Chairman Debbie Matz said. “These videos and Web pages provide useful information about complying with the new mortgage lending and remittance transfer rules. Anyone at a credit union with responsibility for underwriting or servicing mortgages or making international wire transfers would benefit from watching these videos and reviewing the related material on our the consumer protection Web site.” In the videos, Office of Consumer Protection Director Gail Laster outlines NCUA’s plan for implementing the new rules and explains how these new regulations will better protect consumers. Additional information like compliance resources for credit unions is also available on a dedicated Webpage at MyCreditUnion.gov/update. The three videos are the first in a new Consumer Protection Update series. Produced by NCUA’s Office of Consumer Protection, the series is designed to inform credit unions and their members about new regulations and consumer protection rights. Future releases are planned for 2014.