Removing Barriers Blog

CUNA Joins Other Trades in Opposition to CFPB Info Sharing Proposal
Posted October 27, 2016 by CUNA Advocacy

In addition to the letter CUNA sent last week opposing the CFPB’s record and information sharing proposal, this week CUNA signed on to a letter with several other financial trades expressing opposition to the plan, which would greatly expand the CFPB’s discretion to release more information to more entities. 

In addition to many of the key points raised in CUNA’s letter, the joint letter opposed the proposal on Constitutional grounds. The joint letter noted that the proposal “raises important First Amendment concerns that we believe the CFPB must address before moving forward. Some federal agencies have attempted to limit entities’ ability to discuss information in the past and multiple courts have rejected such efforts. The CFPB must describe how its process is different from these previous efforts rejected by courts and explain more clearly how this restriction aligns with its mission.”