The CFPB Wednesday released an advisory opinion for financial institutions it supervises – which includes credit unions with more than $10 billion in assets – to provide consumers with information about their accounts “in a timely manner” and without a fee. NAFCU Senior Vice President of Government Affairs Greg Mesack argued this approach “is another instance of the bureau overstepping its authority and masking a major power grab as simple ‘guidance.’”
“The bureau is enacting a substantial policy change while making a mockery of the [Administrative Procedure Act (APA)] process that was created to protect Americans from regulatory overreach – mandating solutions to nebulous problems without seeking input from the public or affected stakeholders. This is why Congress needs to reform the CFPB and ensure there are proper checks and balances in place to hold the bureau accountable to its mission and proper processes,” Mesack said.
In the opinion, the bureau outlines several types of information financial institutions should provide quickly and without fees upon a consumer’s request under section 1034(c) of the Dodd-Frank Act, including information that would appear on periodic statements or online portal accounts, such as:
- the balance in a deposit account;
- interest rate on a loan or credit card;
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