Just last year, several credit unions/financial institutions fell victim to the strict regulations stipulated in the Truth in Lending Act (TILA). In November, members of the Marriott Employees Federal Credit Union brought a lawsuit against the MEFCU for $1 million for violations to TILA. Agents failed to disclose the true cost of mini-loans for which members were allegedly charged an interest rate of 46%. That case is currently pending. In July, Citibank was forced to pay $335 million in restitution to consumers affected by the bank’s practices, which were deemed in violation of TILA. The Telephone Consumer Protection Act (TCPA) is another law which can cause similar problems.

What this shows is that credit unions just like yours are at risk of violating compliance laws when staff are on the phone with current or prospective clients. These laws stipulate what disclosures must be made by the agent on the phone and what things they cannot say. For example, the TILA requires agents to stipulate interest rates, loan terms and late fees.

A great way to be sure your credit agents say the right things on the telephone is to record their calls and review them for compliance. Whether your agents are using a landline, VoIP, mobile device or even Skype for Business, you need to ensure your credit union is armed with the necessary compliance tools. These include 100% call capture, audit trails, synchronized recording of voice, video, screen and chat (i.e., for Skype for Business); and more.

Ensuring Compliance: What to Look For

To monitor your agents and ensure the highest levels of compliance, consider the following features and functionality when purchasing or upgrading your interaction recording solution:

• Secure encrypted storage with 256-bit AES encryption
• Secure, centralized Web access, analysis and administration from virtually anywhere
• Web-based User Interface with easy-to-use controls that provide single screen playback, analysis and quality scorecard access
• Multiple advanced search criteria to quickly locate and play back specific recordings, including searching previously saved searches
• Multi-modality playback enables all interactions to be played simultaneously and viewed on a single screen – for Skype for Business recording, this includes integrated playback of voice, video, screen and chat
• Searchable notes that can be inserted into calls during playback for added clarity and support upon review with the agent
• Live monitoring of agent voice calls for supervisors to provide immediate insights

If you are unsure of what criteria you may require, a Numonix interaction recording specialist can help you assess your needs. Contact Numonix at info@numonixrecording.com.