Newsroom

May 08, 2018

FCC's reassigned numbers database, Reg J headline NAFCU's Reg Committee meeting

regulationsNAFCU's Regulatory Committee meets today to discuss the latest actions on the Federal Communications Commission's (FCC) creation of a reassigned numbers database – a move supported by NAFCU – and the Federal Reserve's proposed amendments regarding Regulation J and various requests for information (RFIs) put forth by the CFPB.

NAFCU is currently seeking feedback on the FCC's second further notice of proposed rulemaking related to calls made to reassigned numbers and liability under the Telephone Consumer Protection Act (TCPA). The FCC is in the information-gathering stage of the rulemaking process and is expected to issue a rule on reassigned numbers later this year. The commission would like comments on information needed by those who use a reassigned numbers database and the best way for service providers to report that information so callers can access it, among other topics. Credit unions can learn more and provide comments to NAFCU on this rulemaking through the association's Regulatory Alert.

Regarding Regulation J, the Federal Reserve is proposing to remove obsolete provisions and align the regulation with the Federal Reserve Board's recent amendments to Regulation CC related to the all-electronic check collection and return environment. Comments on the proposed amendments are due back to the Federal Reserve by May 14. NAFCU will be submitting comments.

Also during today's meeting, the Regulatory Committee will discuss two RFIs from the CFPB: enforcement processes and supervision processes. Regarding its enforcement processes, NAFCU will urge the CFPB to reevaluate its approach to focus on the true bad actors and provide the industry with guidance regarding its UDAAP (unfair, deceptive, or abusive acts or practices) authority. On the bureau's supervision processes, NAFCU will advocate for changes to the supervisory appeals process to ensure that credit unions have adequate time to consider and challenge negative findings.

Today's agenda also includes:

The next Regulatory Committee meeting will take place June 12.