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Credit unions support the goals of section 1071 of the Dodd-Frank Act but are concerned about increased costs, CUNA wrote to the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access Monday. The subcommittee will conduct a hearing on the CFPB’s 1071 rule Tuesday.
“We are concerned about potential unintended consequences and substantial costs in complying with the creation of a broad data collection where one does not currently exist,” the letter reads. “In addition, as entities bound to serve a specific field of membership, credit union data would likely be incomparable to other lenders.”
CUNA urged the CFPB to consider several revisions to the proposed rule, including:
CUNA supports legislation to establish an appropriate compliance timeline for the section 1071 rule as well.