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.

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Michael Ogden

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

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