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News Now

CU System
Oregon CUs keep consumer complaints down
BEAVERTON, Ore. (3/17/08)--Oregon credit unions received few complaints within the broad financial institution category, according to an annual compilation of the top 10 consumer complaints released by the Oregon Attorney General’s office. The low number of complaints attributed to Oregon credit unions relates to the national trend of high member satisfaction with credit unions, said the Credit Union Association of Oregon (CUAO). In the compilation, personal attention by friendly tellers, and the fact that all credit unions are local were satisfaction indicators listed by members. Within the financial institution category of Oregon’s Consumer Complaint list, credit unions received the lowest number of complaints. The financial institution category’s complaints break down as follows:
* Financial institutions--overall (952); * Credit cards (411); * Mortgage brokers (147); * Commercial banking (104); * Real estate financing (99); * Sales financing (92); * Consumer lending (43); and * Credit unions (21).
In the National Member Survey published by Credit Union National Association in 2006, 66% of credit union members indicated they were very satisfied with their credit union, while bank customers who were very satisfied came in at 55%, CUAO said. High satisfaction with credit unions comes across in surveys completed by the banking industry as well, CUAO added. Although the percentage of "very satisfied" bank customers reached its highest mark in 14 years, credit unions again achieved the highest score in this category: 71%, according to the 2005 American Banker/Gallup Consumer Survey.
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