WASHINGTON – Credit unions have thrown their support behind a bill that would ensure privileged information provided to the new Consumer Financial Protection Bureau will remain confidential.
“It is critical that this type of privacy protection from third parties, which currently exists between credit unions and the National Credit Union Administration, is clearly spelled out in the law with respect to the CFPB,” said NAFCU’s Chief Lobbyist Dan Berger, in a letter to Republican and Democratic leaders of the House Financial Services Committee.
Failure to enact the requirement, wrote Berger, could lead to disclosure of privileged information that could open up credit unions. “NAFCU believes having clarity in the statute,” he wrote, “could also help ensure that credit unions will have a greater comfort level in providing requested information.
