Newsroom
May 18, 2016
Thaler: NAFCU eyeing CFPB arbitration proposal
NAFCU supports ensuring consumers fair and efficient dispute resolution and will review CFPB's proposed arbitration rule for its impact on credit unions as well as their members, NAFCU's Brad Thaler said Tuesday as lawmakers prepared for a hearing today on the measure.
"NAFCU and our members believe that consumers should have access to fair and efficient methods of dispute resolution," Thaler, NAFCU's vice president of legislative affairs, wrote. "To that end, we would hope that the CFPB would avoid promulgating any final rule that unreasonably limits the availability of voluntary arbitration or creates burdensome reporting requirements that can negatively affect credit unions."
Thaler told the panel that NAFCU is presently reviewing the proposed rule and will provide input to CFPB. In the meantime, he notedone concern over the bureau's proposal to collect and publish arbitration data. Such action "could create system-wide reputational risk, raise privacy concerns and encourage frivolous lawsuits," he warned.
Thaler's letter went to subcommittee Chairman Randy Neugebauer, R-Texas, and Ranking Member William "Lacy" Clay, D-Mo., and was copied to all panel members.
"NAFCU and our members believe that consumers should have access to fair and efficient methods of dispute resolution," Thaler, NAFCU's vice president of legislative affairs, wrote. "To that end, we would hope that the CFPB would avoid promulgating any final rule that unreasonably limits the availability of voluntary arbitration or creates burdensome reporting requirements that can negatively affect credit unions."
Thaler told the panel that NAFCU is presently reviewing the proposed rule and will provide input to CFPB. In the meantime, he notedone concern over the bureau's proposal to collect and publish arbitration data. Such action "could create system-wide reputational risk, raise privacy concerns and encourage frivolous lawsuits," he warned.
Thaler's letter went to subcommittee Chairman Randy Neugebauer, R-Texas, and Ranking Member William "Lacy" Clay, D-Mo., and was copied to all panel members.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.