Alternative data and consumer access to financial records are on the agenda March 30 for a meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council. The bureau announced the meeting Monday, and details were published Tuesday in the Federal Register, and the bureau will publish the official agenda Wednesday.
The CUAC, which includes many CUNA member credit unions, advises the bureau on how its rulemakings, enforcement actions, and policies are impacting credit unions.
Alternative data was the topic of a field hearing conducted by the CFPB in February. Alternative data sources, such as bills for mobile phones and rent payments, are potential methods the bureau is examining as ways to expand credit access to consumers who are credit invisible.
CUNA will be in attendance at the meeting, which is scheduled for March 30, from 3:15 to 4:15 p.m. (ET), at the CFPB’s Washington, D.C., headquarters.