WASHINGTON (8/8/13)--The Consumer Financial Protection Bureau should be mindful of the compliance challenges faced by credit unions as it conducts a telephone survey on consumer awareness and perceptions of dispute resolution provisions in credit card agreements, Credit Union National Association Senior Assistant General Counsel Luke Martone wrote in a recent comment letter to the bureau.
The CFPB has requested Office of Management and Budget approval to conduct a telephone survey of 1,000 consumers regarding dispute resolution provisions in credit card agreements. This survey is in conjunction with the CFPB's study of pre-dispute arbitration agreements, as required by section 1028(a) of the Dodd-Frank Act.
"It is CUNA's understanding that, while most credit unions do not utilize pre-dispute arbitration agreements, a small number of credit unions may incorporate similar provisions into their consumer contracts," Martone wrote.
CUNA does not object to this CFPB survey. However, the CUNA letter urged the agency to ensure it utilizes a sample size that is adequate to yield a sufficient number of informed respondents.
For the full CUNA comment letter, use the resource link.