CUNA and NAFCU wrote to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra urging the bureau to issue an Advance Notice of Proposed Rulemaking (ANPR) before it published its Notice of Proposed Rulemaking on the consumer reporting under the Fair Credit Reporting Act (FCRA).
The CFPB’s proposals would increase the scope of the Fair Credit Reporting Act (FCRA) to establish new responsibilities for credit unions. CUNA and NAFCU previously called the FCRA proposal an “unwarranted and cast expansion” of the statute, and expressed concerns over the short timeline to provide feedback on its impact.
“The FCRA rulemaking process requires care, thought, and deliberation,” the organizations wrote. “The CFPB should consider input from a broad array of stakeholders, many of whose voices have not yet been heard. An ANPR process could increase the Bureau’s understanding of the impacts its rule would have on consumers, the American economy, and the businesses, nonprofits, and government agencies that use information to serve to consumers drive the American economy. We encourage you to submit the FCRA rulemaking to an ANPR process.”
The organizations note four reasons the CFPB should go through the ANPR process: