Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FI info could be protected under CFPB plan
WASHINGTON (3/13/12)--Protections for private information that financial institutions and others submit to the Consumer Financial Protection Bureau (CFPB) could be codified under a new CFPB proposal.

The proposal would ensure that groups or individuals that supply information to the CFPB would not waive their right to privacy protections, and clarify that these protections would remain intact when privileged information is transferred from the CFPB to other federal or state agencies.

CFPB Director Richard Cordray called the proposal "a common sense rule" that is consistent with the CFPB's practice of guarding the confidentiality of supervised institutions' information. "This rule will allow us to further protect consumers by facilitating the flow of information between the Bureau and its supervised entities," he added.

The proposed rule will be open for public comment for 30 days after it is published in the Federal Register.

Bills that would provide these same types of privacy protections have been offered in the House and Senate, and CUNA has said it appreciates the intent of these bills. CUNA has worked closely with legislators and the National Credit Union Administration to ensure that both bills sufficiently protect credit unions.
Other Resources

RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
48 minutes ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
4 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
4 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
5 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
5 hours ago