WASHINGTON—NAFCU and CUNA have joined with other trade associations in expressing concerns to the CFPB over the “condensed timeframe” of its rulemaking to address consumer reporting topics in the Fair Credit Reporting Act (FCRA).
In a letter, the trade groups noted the proposal aims to make “complex and sweeping changes to the FCRA,” and called for the Bureau to provide more time for Small Entity Representatives (SERs) to review the proposal.
Insufficient Time
The trades told the CFPB the current timeline does not provide adequate “time for small business owners, who also continue to operate their business and financial institutions, to adequately prepare and offer alternatives and data as the CFPB requests.”
Additionally, the trades requested the CFPB move the start of the timeline for the Small Business Regulatory Enforcement Fairness Act (SBREFA) back two weeks to allow SERs more time to gather feedback.
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