WASHINGTON, DC (October 5, 2016) — National Association of Federal Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to the Consumer Financial Protection Bureau (CFPB) final rule on prepaid cards.
“NAFCU and our members are greatly disappointed that the CFPB is systematically eliminating the ability of credit unions—not-for-profit, member-focused financial cooperatives– to offer consumer-friendly products to their members. Consumer protections are important, but protecting members is built into a credit union’s DNA,” said Hunt.
“Not only has the Bureau ignored the industry’s recommendations but they have also given credit unions just one year to come into compliance with a 1,700-page rule,” Hunt continued. “In 2017, credit union compliance departments are going to be required to implement regulations related to prepaid accounts, mortgage servicing, HMDA, and the credit card component of the MLA, just to name a few. It is undeniable, even by the Bureau, that regulatory burden continues to increase exponentially and suffocate community-based financial institutions.”
NAFCU is still reviewing the prepaids final rule and will provide an in-depth analysis to members. The association will also issue a Final Regulation on the rule.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
Marisol Garibay
Vice President, Communications & Media Relations
National Association of Federally-Insured Credit Unions
3138 10th Street North
Arlington, VA 22201
O: (703) 842-2820 ext. 291
mgaribay@nafcu.org
Amanda Dela Cruz
Associate Director, Communications
National Association of Federally-Insured Credit Unions
3138 10th Street North
Arlington, VA 22201
O: (703) 842-2263 ext. 263
M: (571) 447-0022
adelacruz@nafcu.org
