Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Credit data due when regs are implemented CFPB
WASHINGTON (4/13/11)--Credit unions and other financial institutions are not yet required to comply with regulations that would order them to “collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses,” according to the Consumer Financial Protection Bureau (CFPB). CFPB General Counsel Leonard Kennedy said in a letter released this week that the regulatory change, which is mandated by the Dodd Frank Act, would not become effective “until the [CFPB] issues necessary implementing regulations.” The new regulation, which amends the Equal Credit Opportunity Act, is meant to “facilitate enforcement of fair lending laws” and help regulators and the public identify the needs of surrounding communities and local businesses. "Given the sensitivity of the data at issue, we believe Congress intended that the bureau first provide guidance regarding appropriate procedures, information safeguards and privacy protections. Waiting to commence information collection until implementing regulations are in place will also ensure that data is collected in a consistent, standardized fashion that allows for sound analysis by the bureau and other users of the data," Kennedy added. For the full letter, use the resource link.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
3 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
4 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
4 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
5 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
6 hours ago