WASHINGTON — Crucial changes are needed to the Federal Reserve's proposed Regulation Z changes in order to not overburden consumers or financial institutions, the two national credit union trade associations said in official comment letters.
Generally speaking, NAFCU prefaced its comments by stating, "NAFCU and its member credit unions are firmly committed to fostering the responsible and informed use of credit by ensuring that American consumers are provided with meaningful disclosures. However, NAFCU continues to hear concerns from our member credit unions that, with the number of consumer protection disclosures becoming increasingly copious, consumers are becoming overwhelmed by 'information overload.'"
CUNA added that credit union members are "generally satisfied" with the current disclosures.
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