WASHINGTON—CUNA has sent a comment letter to the CFPB sharing concerns it has over the Bureau’s implementation of parts of the Fixing America’s Surface Transportation Act (FAST Act) amending the Gramm-Leach-Bliley Act (GLBA).
In a letter signed by Senior Director of Advocacy and Counsel Leah Dempsey, CUNA shares that “unnecessary, overly burdensome, and duplicative regulations harm members’ ability to access the high-quality and consumer-friendly products that credit unions provide. When resources credit unions would otherwise apply to serving their members are spent instead on arbitrary compliance requirements, consumers suffer.”
Dempsey stated that through the FAST Act, Congress mandated the CFPB eliminate the unnecessary and outdated compliance burden of providing annual privacy notices if certain conditions are satisfied.
Go to CUToday.info’s The gov for the full letter.