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

Officials with NAFCU and CUNA filed a letter with the CFPB Friday asking the Bureau to lengthen the notice of proposed rulemaking (NPRM) comment period for its personal financial data rights rule from 60 to at least 90 days. The two organizations said the shorter timeline puts smaller institutions at a disadvantage and the 60-day period appears to not follow any logic as laid out in previous rulemaking.

The proposed rule, which was announced on Oct. 19 by the CFPB, would implement a section of the Dodd-Frank Act requiring financial institutions to share certain specific consumer financial data with third parties if the consumer asks for it.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Michael Ogden

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

More from this author

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.