WASHINGTON — Crucial changes are needed to the Federal Reserve's proposed Regulation Z changes in order to not overburden consumers or financial institutions, the two national credit union trade associations said in official comment letters.
Generally speaking, NAFCU prefaced its comments by stating, "NAFCU and its member credit unions are firmly committed to fostering the responsible and informed use of credit by ensuring that American consumers are provided with meaningful disclosures. However, NAFCU continues to hear concerns from our member credit unions that, with the number of consumer protection disclosures becoming increasingly copious, consumers are becoming overwhelmed by 'information overload.'"
CUNA added that credit union members are "generally satisfied" with the current disclosures.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
