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Washington
CFPB privacy improvements receive bipartisan support
WASHINGTON (2/10/12)--Republican and Democratic lawmakers, including House Financial Services subcommittee on financial institutions Chairman Shelly Moore Capito (R-W.Va.) and ranking subcommittee member Carolyn Maloney (D-N.Y.), this week spoke in support of 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.

Capito during a Wednesday House Financial Services financial institutions subcommittee hearing noted that these sorts of privacy changes have been supported by CFPB Director Richard Cordray, and said Cordray has urged Congress to act legislatively to make the changes. She said the legislation should move forward without delay.

CUNA expressed support for HR. 3871 in a letter to the subcommittee earlier this week. CUNA President/CEO Bill Cheney in that letter 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.

The hearing also featured 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.

Support for these two bills split along party lines.


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