WASHINGTON (2/27/12)--A House bill that would ensure that groups or individuals that supply information to the Consumer Financial Protection Bureau (CFPB) would not waive their right to privacy protections could soon see action in Congress, with a full House vote possible later this week.
Similar House and Senate bills, H.R. 4014 and S. 2099, would make technical amendments to the Federal Deposit Insurance Act. H.R. 4014 is notably cosponsored by House Financial Services Committee Chairman Spencer Bachus (R-Ala.), and S. 2099 is backed by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking committee minority member Richard Shelby (R-Ala.).
The types of privacy improvements contained in the bills have also been endorsed by CFPB Director Richard Cordray.
Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said CUNA appreciates the intent of both of these bills, and has worked closely with legislators and the National Credit Union Administration to ensure that both bills sufficiently protect credit unions. "We have received assurances that credit unions will be protected," Donovan added.