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CFPB must minimize CU burden as it aids servicemembers CUNA
WASHINGTON (9/21/11)--The Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs must “minimize compliance burdens on credit unions that provide important and reasonably priced products and services” to servicemembers and their families, the Credit Union National Association (CUNA) said in a comment letter. The CFPB earlier this month asked credit unions and other financial institutions for general information on products, services, programs, policies, or practices that are tailored to the unique financial needs of servicemembers and their families, or marketed to them. The agency also asked for more specific information on any assistance institutions offer to servicemembers who are distressed homeowners and their families and information on any servicemember-specific short-term lending products. The CUNA letter noted that credit unions “offer a broad range of financial products and services well-tailored to the needs of the nation’s servicemembers, veterans, and their families, fully support sufficient financial disclosures to servicemembers and their families so they can make informed, sound consumer finance decisions, and back efforts to eliminate abusive financial practices that harm the servicemember community.” CUNA added that it supports CFPB efforts to empower and educate servicemembers and their families to make informed consumer finance decisions, and encouraged the CFPB’s servicemember affairs office “to coordinate consumer protection efforts with other federal and state regulators to minimize all compliance burdens and duplicative requirements placed on credit unions. Additional information and details will be provided to CFPB staff soon, and CUNA plans to work with the CFPB on this servicemember protection endeavor. CUNA also encouraged the CFPB to work with credit union leagues, the Defense Credit Union Council, and individual credit unions to further support the CFPB effort.


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