National Credit Union Administration (NCUA) Board Chairman Rick Metsger proposed a rebranding of the agency’s Office of Consumer Protection on Wednesday, with a new name that would promote the office’s emphasis on consumer access to affordable services.
If approved by the board, the new name is the Office of Consumer Financial Protection and Access, a name that seeks to reflect the important relationship between strong financial protection and accessibility, as well as the role of the office in enabling access to credit unions through the chartering and field-of-membership functions.
“The Federal Credit Union Act created a system of cooperative credit to promote thrift among its members and create a source of credit for provident and productive purposes,” Metsger said. “One of the best ways to protect consumers is to ensure access to desired products and services from reputable financial services providers. Consumer protection is not just regulating what a credit union can’t do. It’s also about making sure regulations do not inhibit credit unions’ ability to serve members, including those of modest means, with safe and sound products that are financially sustainable for the credit unions.”
Several initiatives launched by the office will include the development of an online application tracking system, increased coordination with the Office of Small Credit Union Initiatives, and continued assistance for credit unions pursuing the NCUA’s low-income credit union designation.