The NCUA posted a three-part Consumer Protection Update on its consumer website MyCreditUnion.gov that explains new mortgage lending and international remittances rules required under the Dodd-Frank Act.
NCUA Public Affairs Specialist John Fairbanks confirmed credit unions can link to the video from their websites and social media channels to help educate members about changes to the products.
“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 in a Nov. 5 statement.
Additionally, the videos can educate credit union employees.
“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 consumer protection website,” Matz said.
Office of Consumer Protection Director Gail Laster presented the NCUA's plan for implementation of the new rules in the videos, which were produced by the NCUA's Office of Consumer Protection.
“The Office of Consumer Protection will continue to develop financial literacy resources that help consumers stay informed about their protections and make better financial decisions,” Laster said.
More Consumer Protection Update videos are planned for next year, NCUA said in the press release.