The opinion piece written by John McKechnie noting how credit unions are different from other financial institutions in part because of its structured supervisory committee is right on point. To add to what he said, credit unions can also point to the fact that since 2009, the NCUA has had its own Consumer Protection Office specifically to handle consumer issues.
The OCP was created prior to the CFPB to send a clear message that the NCUA knew credit unions best and could better handle any consumer issue in a fair, expeditious way. In addition, it was meant to be a buffer between credit unions and the CFPB. Acting as such, it has made herculean efforts to ensure the CFPB knows that credit unions are different.
Credit unions historically handle member problems quickly without the need for any regulator involvement. But should a third party be necessary to resolve a dispute, it is better handled by the NCUA than the CFPB.
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