October 02, 2023

NAFCU, trades call for CFPB to slow FCRA rulemaking process

CFPBNAFCU, and other trade associations, wrote to the CFPB Friday to express concerns regarding the bureau’s “condensed timeframe” of its rulemaking to address consumer reporting topics in the Fair Credit Reporting Act (FCRA). 

In the letter, the trades noted the proposal aims to make “complex and sweeping changes to the FCRA.” The trades called for the bureau to provide more time for Small Entity Representatives (SERs) to review the proposal.

The trades wrote that the current timeline does not provide adequate “time for small business owners, who also continue to operate their business and financial institutions, to adequately prepare and offer alternatives and data as the CFPB requests.”

Additionally, the trades requested the CFPB move the start of the timeline for the Small Business Regulatory Enforcement Fairness Act (SBREFA) back two weeks to allow SERs more time to gather feedback.

NAFCU will continue to engage the CFPB and work to minimize regulatory burdens on credit unions.