ALEXANDRIA, Va. – NCUA partially took the covers off its new consumer protection office, which has been kept under close wraps since its creation Jan. 1.
The agency said it is working with the examiners’ union, the National Treasury Employees Union, on plans for 13 staff positions in the new office, which will be located at the agency’s suburban Virginia headquarters.
The creation of the consumer office and its $1.5 million budget for 2010 has been kept quiet because of criticism in the industry that NCUA is jumping the gun on a consumer protection department before Congress has passed major legislation that would set new standards for financial products and services for all financial companies.
The new office will be directed by Kent Buckham, a long-time NCUA executive who was the lead supervisor in the office of corporate credit unions until the fall of 2008.
The new office will be split into two major operations. The division of consumer compliance and outreach will be responsible for: consumer compliance policy, program and rulemaking; fair lending examinations; a member complaint call center; financial literacy programs and cooperating with other regulators, including the proposed consumer financial protection agency. The division of consumer access will be responsible for: new charters; charter conversions; field of membership expansions; bylaw amendments; and, low income designations.
