X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
It has been more than four years since the Credit CARD Act was passed by Congress and more than three years since the compliance dates set by the Federal Reserve Board (many compliance professionals may still be haunted by the date Feb. 22, 2010). While it would seem like credit card compliance issues are in the rearview mirror, now is the perfect time for credit unions to review their procedures to ensure they remain compliant.

Now that the Consumer Financial Protection Bureau has met its Dodd-Frank mandates, its attorneys are freed-up to review other areas of concern—including credit cards. The CFPB has repeatedly stated it will use consumer complaints as a prime indicator of where to place its resources. Not surprisingly, credit cards are the number two category of complaint at 21% (edged out only by mortgages at 48%). And, from a global perspective, the CFPB wants to protect as many consumers as possible. By focusing on mortgages and credit cards (not to mention student loans), the CFPB is certainly casting a wide net.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.