Panel echoes credit union recommendations on FCRA proposal

A Small Business Regulatory Enforcement Act (SBREFA) panel convened by the CFPB shared several recommendations made by America’s Credit Unions regarding the bureau’s Fair Credit Reporting Act (FCRA) proposal. The CFPB published its report from the panel Wednesday.

This follows a CFPB outline of FCRA proposals under consideration published in September, which America’s Credit Unions argued were an unwarranted expansion of the FCRA not supported by data.

The panel made several recommendations to address the costs and burden on specific industries and encouraged alternative approaches from the bureau.

It also shared credit union concerns over the scope of the proposed definition of “data broker.” Credit unions believe it should be narrowly defined, and the panel recommended the CFPB carefully consider the scope of entities it proposes to cover.

 

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