NAFCU seeks CUs' input on CFPB-related costs

June 04, 2012

NAFCU seeks CUs' input on CFPB-related costs

June 5, 2012 – NAFCU is asking members to provide the association their input by June 11 oncompliance costs and other effects of potential new regulations from the Consumer Financial Protection Bureau.

CFPB has issued a request for information fromservice providers as well as consumers on the cost of compliance. NAFCU is seeking members' input to itsofficial comment.

The CFPB's intent in seeking the information is to:

ensure it has considered the compliance burdens and costs before completing a rulemaking action;
understand the effects of potential regulations on providers and consumers, the ways in which providers may comply with potential regulations and the costs associated with compliance; and
determine whether proposed rules may have unnecessary costs for providers or consumers.

NAFCU is asking members for information about whether they are regularly updating their systems to comply with new rules; the feasibility of quantifying costs and burdens;whether the costs and burdens are proportionate to the size of the institution; and, among other things,whether credit unions are adopting technological advances to cut operational costs.

Comments are due to the CFPB June 19. NAFCU Regulatory Alert 12-EA-14 is online (members only).

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