During the past 18 months, thousands of consumers across the nation have joined the American Consumer Council and its 46 state consumer councils because they want to take advantage of our financial education programs which we host with partnering credit unions. Consumers are also looking for personalized financial services such as low-interest home loans, college loans and chip-and-pin credit cards which several credit unions offer.
But, there's a big problem.
The problem is the National Credit Union Administration (NCUA) and its Office of Consumer Protection (OCP). OCP has been very slow to approve several credit union applications that will allow them to enlist members of our state consumer council. Some of these credit union applications have been pending for more than a year.
Eight credit unions are awaiting a response from the OCP on the status of their pending SEG applications. Several credit union executives tell us that they were promised status reports or approval letters from the NCUA-OCP over six months ago. But, to date, they have received nothing.
At the American Consumer Council's annual business meeting in San Diego last week, more than 300 consumer-members asked ACC to encourage the NCUA-OCP to clear-up the backlog of associational SEG applications so credit union that have been awaiting a decision to add a state consumer council as a SEG can move forward.
Swift action by OCP will also allow organizations like ACC's state consumer councils to refer more of its consumer-members to local credit unions through our state consumer council network.
Hopefully, the NCUA's Office of Consumer Protection will begin to take swift action and help consumers, many of whom have been waiting for over a year on the NCUA-OCP to make a decision.
But, there's a big problem.
The problem is the National Credit Union Administration (NCUA) and its Office of Consumer Protection (OCP). OCP has been very slow to approve several credit union applications that will allow them to enlist members of our state consumer council. Some of these credit union applications have been pending for more than a year.
Eight credit unions are awaiting a response from the OCP on the status of their pending SEG applications. Several credit union executives tell us that they were promised status reports or approval letters from the NCUA-OCP over six months ago. But, to date, they have received nothing.
At the American Consumer Council's annual business meeting in San Diego last week, more than 300 consumer-members asked ACC to encourage the NCUA-OCP to clear-up the backlog of associational SEG applications so credit union that have been awaiting a decision to add a state consumer council as a SEG can move forward.
Swift action by OCP will also allow organizations like ACC's state consumer councils to refer more of its consumer-members to local credit unions through our state consumer council network.
Hopefully, the NCUA's Office of Consumer Protection will begin to take swift action and help consumers, many of whom have been waiting for over a year on the NCUA-OCP to make a decision.
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