CUNA calls for improved data collection policies in response to CFPB RFI
CUNA expressed multiple concerns with Consumer Financial Protection Bureau data collection policies in a letter sent on Thursday, Dec. 27.
The letter was sent in response to a request for information from the bureau on the efficiency and effectiveness of its data collection processes.
“Although the Bureau’s authority to collect certain data is clear, CUNA still has concerns regarding the Bureau’s data collection, retention, and dissemination policies as well as the resulting obligations and burdens that may fall on credit unions and others involved in data exchange and management efforts,” the letter reads.
The letter went on to outline four main recommendations regarding the collection and use of data.
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