NAFCU writes to HFSC ahead of CFPB oversight hearing

NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the House Financial Services Committee (HFSC) ahead of today’s CFPB oversight hearing. In the letter, Thaler expressed NAFCU’s “thoughts on some current issues pertinent to the CFPB.”

Regarding the use of small entity exemption authority, Thaler wrote that the CFPB should “provide some degree of regulatory relief for small entities that cannot afford to comply with complex rules and would otherwise be forced to stop offering services to members.” The letter also encouraged the bureau to coordinate with other federal financial regulators to appropriately implement section 1033 of the Frank-Dodd Act.

Additionally, Thaler’s letter discussed:

·       Regulation E, including NAFCU’s belief that Congress or the CFPB should confirm that error resolution responsibilities under the Electronic Fund Transfer Act (EFTA, related to Regulation E) “are fairly balanced for credit unions and third-party payment system operators;”


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