The Georgia Department of Banking and Finance is reminding credit unions to exercise the proper due diligence and follow-up before rolling out any new product line.
"The department has concerns that credit unions are getting into product lines for which they have little or no expertise – and with the ready acceptance of third-party vendors, seemingly abdicating their responsibilities to these third parties," Georgia DBF Commissioner Robert Braswell said at the Georgia Credit Union Affiliates' annual convention in May.
Excerpts from Braswell's speech were published in the regulator's June Financial Institutions Today monthly bulletin.
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