CFPB sign Consumer Financial Protection Bureau building in Washington, D.C. Credit/Diego M. Radzinschi

The CFPB released its advisory opinion Wednesday for those financial institutions, including credit unions, with more than $10 billion in assets to give consumers or members detailed informational reports about their accounts for free and complete them “in a timely manner.” NAFCU officials said this additional regulatory requirement “is another instance of the bureau overstepping its authority.”

In its advisory opinion, and according to an analysis published by NAFCU, the CFPB outlined several types of information financial institutions “should provide quickly and without fees upon a consumer’s request under section 1034(c) of the Dodd-Frank Act, including information that would appear on periodic statements or online portal accounts.” Those pieces of information included:

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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