NAFCU Statement on CFPB Modifications to Privacy Disclosures
Washington (May 6, 2014) - The National Association of Federal Credit Unions (NAFCU) issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement today that it is proposing a rule for more effective privacy disclosures.
“NAFCU has been seeking relief on this issue in Congress,” said NAFCU Director of Regulatory Affairs Michael Coleman. “We are pleased that the CFPB has begun to take steps to provide credit unions relief from these outdated notices via the regulatory process.”
This proposal would allow financial institutions, under certain conditions, to post their annual privacy notices online rather than delivering them individually.
The comment period for the proposed amendment is 30 days from publication in the Federal Register.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.