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NAFCU Regulatory Affairs Counsel Andrew Morris, in a letter to the CFPB yesterday, cautioned the bureau against pursuing a rulemaking that would compel credit unions to offer free credit scores as it could restrict credit unions' flexibility in what products and services they offer to members.

The letter is a response to a CFPB request for information on consumers' experiences with free credit scores, as well as the experiences of companies and nonprofits that offer such services to their customers or the public.

In the letter sent to CFPB Acting Director Mick Mulvaney, Morris agreed that "access to free credit score information can play an important role in maintaining the financial health of credit union members." Morris noted that credit unions can help members interpret credit score information, and some credit unions offer free credit score analysis services.

"To accommodate the flexible creation of financial literacy programs, NAFCU does not believe that new requirements for credit unions related to the provisioning of credit scores would be helpful or necessary," Morris wrote.

Morris said that credit unions currently work to improve their members' financial health and literacy by providing products and services that their members need, based on their own, unique understanding. If the CFPB were to require credit unions to offer free credit scores, it could increase costs or "draw resources away from more essential products or services."

NAFCU will continue to engage with the CFPB to ensure future rulemakings do not create additional regulatory burdens on credit unions.