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Washington
NCUA attends first consumer protection group meeting
WASHINGTON (2/15/12)--The National Credit Union Administration (NCUA) joined U.S. Attorney General Eric Holder, representatives from the U.S. Treasury Department, the Federal Bureau of Investigation, the Financial Crimes Enforcement Network, a trio of state attorneys general, and other financial and federal groups at the recent first meeting of the Financial Fraud Enforcement Task Force's (FFETF) Consumer Protection Working Group.

The Consumer Protection Working Group unites federal law enforcement agencies and regulators with state and local partners "to strengthen efforts to address consumer-related fraud, including schemes targeting vulnerable populations, such as the unemployed, those in need of payday loans, and those suffering from the burden of high credit card and other debt," the U.S. Department of Justice said in a release.

The group also will focus on scams that exploit prospective students, active-duty military personnel, and veterans, including payday lending practices, telemarketing or online marketing scams, business opportunity schemes, for-profit schools that engage in fraud or misrepresentation, and fraudulent third-party payment processors that facilitate payments on behalf of other fraudsters without the permission of the customer, the release said.

In its meeting Monday, the group set priorities and discussed ways they could work together to fight fraud and educate consumers. The group soon will establish a best-practices tool kit, legislative, regulatory and policy initiatives, and an information sharing structure, the release said.

Holder, in remarks delivered to kick off the inaugural meeting, said the schemes the group is combating "are as diverse as the imaginations of those who perpetrate them, and as sophisticated as modern technology will permit," but added the group is "tackling financial fraud, in all its forms, head on."

The Consumer Financial Protection Bureau is also a member of the working group, but a CFPB representative did not attend this meeting.

For more on the meeting, use the resource link.
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