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

In a joint letter sent to CFPB Director Rohit Chopra, officials with CUNA and NAFCU once again raised their objections to the Bureau’s timing and push to expand reporting requirements for credit unions under the Fair Credit Reporting Act (FCRA).

The letter, filed Monday, stated the CFPB’s proposals to increase the scope of the FCRA “do not align with Congress’s intent in passing the FCRA” and “the Bureau’s proposals in this Outline represent an unwarranted and vast expansion of the intent and scope of the FCRA to impose additional requirements on credit unions, exposing these community-based, not-for-profit financial institutions to myriad legal and compliance risks, for supposed benefits to consumers that have yet to be quantified.”

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Michael Ogden

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

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