Credit union trade groups are giving cautious support to the CFPB’s proposal to allow companies to find innovative ways to provide consumers with required disclosures from financial institutions.

While CUNA views the proposal as positive, the trade group “recommends the bureau refrain from an overzealous promotion of innovation that places traditional financial institutions at an unwarranted disadvantage,” Alexander Monterrubio CUNA’s senior director of advocacy and counsel said in a letter to the agency.

“NAFCU believes that the proposed [policy] improves upon the current process for obtaining a trial disclosure program waiver, which has so far yielded no successful applications,” Andrew Morris, the group’s regulatory counsel said.

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Credit Union Times

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