December 31, 2018

NAFCU offers ways for bureau to improve data collection, protection

BCFPScaling back existing data collections, limiting access to personally identifiable information (PII) and reconsidering which data are made public were among NAFCU's suggestions to the Bureau of Consumer Financial Protection as it reviews its data collection practices.

NAFCU Senior Counsel for Research and Policy Andrew Morris made the suggestions in a letter to the bureau last week; it was in response to a request for information that also included a bureau report on its data sources and uses.

Morris thanked the bureau for its transparency in the report, but said "more can be done to alleviate consumer privacy risks that impact credit unions and their 114 million members." He specifically highlighted consumer privacy risks related to PII and Home Mortgage Disclosure Act (HMDA) data.

In addition, Morris offered suggestions to reduce credit unions' data collection burden and reputational risk related to the bureau's consumer complaint database.

Morris' full letter is available here.