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News Now

Washington
Compliance When is e-Statement consent needed
WASHINGTON (3/23/09)—Credit union compliance officers know that a credit union cannot automatically convert members to e-statements without first getting their consent. They know this because the Credit Union National Association (CUNA) Compliance Challenge folks told them in January. Never ones to leave a compliance stone unturned, the CUNA compliance experts follow up this month and ask credit unions: Does this opt-in requirement hold true for members who have already signed up for home banking but still receive paper statements? Hmmm? The answer is that it depends on exactly what the member agreed to when they signed up for home banking. If the member only signed up for online account access, then the credit union would still need to obtain their consent to receive e-statements. However, many credit unions have members that signed up for both account access and e-statements, but are still receiving paper statements too. In this case, the credit union’s goal is to encourage members to “go green” and “opt-out” of their paper statements. To find out how to do this, and to delve into nine other hot compliance topics, read the March Challenge. Use the resource link below to access it.


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