What is the required action when a member notifies a credit union of a billing error?

When a member notifies a credit union of a billing error, the required action is to send written acknowledgment of the claim within 30 days. This is part of regulatory requirements designed to ensure that consumers have their disputes formally recognized and addressed in a timely manner. Acknowledgment of the claim serves as an official confirmation that the credit union has received the member's complaint and is taking it seriously.

By sending this acknowledgment, the credit union also provides the member with reassurance that their claim will be addressed, fostering trust and transparency in the consumer-lender relationship. Furthermore, following up with the member within a specified timeline is important for compliance with consumer protection laws, helping to ensure that members are informed about the process for resolving their billing issues.

While other options suggest various forms of action, such as immediate credit or specific timelines for resolving claims, the key regulatory requirement at this stage is the acknowledgment of the claim itself within the 30-day timeframe. This initial response sets the stage for further investigation and resolution of the billing error.