September 27, 2016

NCUA rebrands consumer protection office, notes new initiatives

NCUA Board Chairman Rick Metsger on Tuesday said the agency's Office of Consumer Protection is being renamed the Office of Consumer Financial Protection and Access to better reflect its functions and role in facilitating consumer access to credit unions.

The name change must be approved by the board. The Office of Consumer Protection was established in 2010 and is currently headed by Director Gail Laster. The office is responsible for consumer financial protection policy and outreach, fair lending, consumer complaint processing, financial literacy activities and promoting access to credit unions.

NCUA also announced several initiatives to promote consumer access to credit union services, including:
  • creating a comprehensive online tracking system for chartering and field-of-membership applications;
  • reevaluating the payday alternative loan product;
  • increasing coordination with the Office of Small Credit Union Initiatives to better address field-of-membership concerns of small credit unions; and
  • providing continued assistance to those credit unions seeking NCUA low-income credit union designation.