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News Now

Washington
CFPB bill would ensure privacy CUNA
WASHINGTON (2/8/12)--The Credit Union National Association (CUNA) Tuesday thanked Rep. Bill Huizenga (R-Mich.) for introducing H.R. 3871, which would ensure that groups or individuals that supply information to the Consumer Financial Protection Bureau (CFPB) would not waive their right to privacy protections.

H.R. 3871 will be considered during a Wednesday House Financial Services financial institutions subcommittee hearing. The hearing will also feature discussion on bills that would make the CFPB's yearly funding subject to the congressional appropriations process and remove the CFPB's director from their current slot on the Board of Directors of the Federal Deposit Insurance Corporation.

CUNA President/CEO Bill Cheney noted that while section 205(j) of the Federal Credit Union Act protects privileged information submitted by credit unions to the National Credit Union Administration, state credit union supervisors, and foreign banking authorities, that section does not cover submissions to the CFPB. Cheney said in a letter to Huizenga that the bill "will ensure that when credit unions or other persons submit information to the CFPB, doing so will not be construed as waiving, destroying or otherwise affecting any privilege associated with the submission."

Cheney said he hopes Congress acts quickly on this legislation.


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