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CUs get few complaints, Fed report finds

WASHINGTON-The Federal Reserve Board's 88th annual report found that very few consumers filed complaints against credit unions during 2001. Last year the Fed received a total of 4,502 consumer complaints against financial institutions, but only a mere 39 concerned credit union activities. The majority of the credit union complaints were...

By Staff Writer | Updated on August 06, 2002

WASHINGTON-The Federal Reserve Board’s 88th annual report found that very few consumers filed complaints against credit unions during 2001. Last year the Fed received a total of 4,502 consumer complaints against financial institutions, but only a mere 39 concerned credit union activities. The majority of the credit union complaints were in regards to `unregulated issues,’ such as customer service. Of the complaints of regulatory violations, Truth in Lending-related complaints led the pack with a total of seven. There were also two Fair Credit Reporting Act complaints, one Fair Housing complaint, and one Truth in Savings complaint.

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