FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, D.C. (April 27, 2018) –The Credit Union National Association offered comments in a letter responding to the Bureau of Consumer Financial Protection’s (CFPB) Request for Information (RFI) on the Civil Investigative Demands process. The request is the first in the series of RFIs the bureau issues to assess how it is performing its basic functions.
The bureau investigates potential violations by issuing CIDs and compelling testimony at investigative hearings. A CID permits the Bureau to demand production of documents, written responses and oral testimony, among other things.
“CUNA recognizes that aggressive use of CIDs may be necessary to investigate activities of profit-driven financial institutions and individuals that are engaging in fraud or other serious violations,” the letter reads. “However, credit unions genuinely wish to meet or exceed regulatory requirements designed to protect consumers and will cooperate with reasonable bureau inquiries. Current bureau CID processes do not have policies or procedures that protect legitimate financial institutions, such as credit unions, from unwarranted government intrusion.”
CUNA also noted:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.