NAFCU and CUNA wrote a joint letter Monday to CFPB Director Rohit Chopra urging the bureau to hold a new Small Business Regulatory Enforcement Fairness Act (SBREFA) Panel where Small Entity Representatives (SERs), which includes credit unions, can better estimate the impact of the proposals in its Fair Credit Reporting Act (FCRA) rulemaking effort and the potential costs on operations.
In the letter, the associations called for a new outline to be released because it currently represents “an unwarranted and vast expansion of the intent and scope of the FCRA to impose additional requirements on credit unions, exposing these community-based, not-for-profit financial institutions to myriad legal and compliance risks, for supposed benefits to consumers that have yet to be quantified.” The associations also noted the lack of details for SERs and stakeholders to offer any meaningful feedback at this time.
The associations made additional arguments including:
- the FCRA only requires factual issues to be resolved in disputes and legislative history shows that legal issues were not intended to be resolved by furnishers, like credit unions;
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