Feb. 1, 2013 – NAFCU is contacting the CFPB to find out why it’s giving credit unions participating for the first time ever in a survey on financial institution credit card plans only 10 business days in which to complete it.
The Federal Reserve Board used to conduct an annual survey on card agreements, but credit unions weren’t part of that. Since the CFPB has taken on the consumer protection aspects of the Fed’s former functions, it is running the survey. It is including about 20 credit unions in its survey sample of a total of 160 card issuers.
NAFCU members affected have contacted the association to find out why this is coming up now, and with no prior notice. Steve Van Beek, the association’s director of regulatory compliance, addresses this at length today on the NAFCU Compliance Blog.
“The CFPB did not adequately consider the burden this would place on these selected credit unions,” Van Beek says. “The bureau could have made this first survey voluntary to allow credit unions time to navigate the complex process. Unfortunately, it chose instead to issue a new regulatory requirement for credit unions and only allow 10 business days to comply. That is shocking, particularly in this regulatory environment.”
Read more in today's NAFCU Compliance Blog post.