NAFCU statement on CFPB proposal to amend Gramm-Leach-Bliley rule to implement recent Congressional legislation
WASHINGTON, DC (July 1, 2016) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alexander Monterrubio today issued the following statement regarding the Consumer Financial Protection Bureau’s proposal to implement recent Congressional legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers.
“We welcome this CFPB proposal to conform its privacy notice rule with last year’s Gramm-Leach-Bliley Act (GLBA) revisions, long sought by NAFCU. We appreciated CFPB’s assurance in January that it would follow the spirit of this statutory change, but today’s proposal is a step in the right direction toward streamlining and providing credit unions clarity on their privacy notification obligations,” said Monterrubio. “NAFCU will continue to evaluate the proposal and work closely with the bureau during the rulemaking process. We also continue to urge the bureau to more effectively exercise its authority under Section 1022 of the Dodd-Frank Act to exempt credit unions from its rules.”
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.