WASHINGTON—A proposal that could affect credit unions was the subject of several recommendations. Related to the CFPB’s Fair Credit Reporting Act proposal during a Small Business Regulatory Enforcement Act.
The panel was held in response to a CFPB outline of FCRA proposals under consideration
The panel made several recommendations to address the costs and burden on specific industries and encouraged alternative approaches from the Bureau. It also shared credit union concerns over the scope of the proposed definition of “data broker.” Credit unions believe it should be narrowly defined, and the panel recommended the CFPB carefully consider the scope of entities it proposes to cover, America’s Credit Unions said.
The SBREFA panel—consisting of entities likely to be subject to the rule—recommended the CFPB clarify that it is not proposing to require consumer reporting agencies or furnishers to distinguish between disputes involving legal matters and other disputes.
Additional Requirements
The panel instead advised the CFPB to make clear that those agencies are required to investigate all disputes in accordance with the FCRA regardless of how the dispute is characterized.
America’s Credit Unions noted it published an analysis of the SRBREFA panel, containing the organization’s recommendation, the panel recommendation, the CFPB’s proposal, and how the proposal will impact credit unions.
The rulemaking process will continue throughout this year, with a Notice of Proposed Rulemaking expected later in the year.
The Best Way to Start a New Year. With Something Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?