In a recent Credit Union Times article, written by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., discusses some points to consider when talking about Regulations Z and Credit Unions. With different scenarios occurring every so often, it is important to learn how to handle all types of challenges the best-intended way. Let's read further to get a glimpse of what was said.
"The important thing to remember is this requirement stretches beyond simply opening the account. Regulation Z mandates that credit unions obtain written consent by the cosigner prior to any credit limit increase on the account of a member under the age of 21. Again, it is extremely helpful to have a forms and disclosures provider familiar with these restrictions. When you deal with Regulation Z on a regular basis, your forms become critical to efficient operation and service. Outdated, non-compliant forms will not work. You must fully understand how Regulation Z impacts your credit union to keep your forms and disclosures compliant. Remember, the heartbeat of Regulation Z is consumer protection. While it may present some compliance challenges, ultimately, it serves to protect your interests as well. Regulation Z fosters full disclosure and transparency, which lays the foundation for member trust and loyalty. Maintaining compliance shows your members they really do matter."
It is so incredibly important to learn and educate not only yourself but others on topics like this one. Being able to recognize and dodge any problems will make an impact on any company. Learning the ins and out of different circumstances will not only help your employees, but your members gain and give their trust and loyalty in your foundation.
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