CUNA and NAFCU criticized proposed Federal Reserve rules that would increase disclosure requirements on credit protection products but had more mixed assessments of other parts of the plan.
NAFCU President/CEO Fred Becker wrote that the proposed language on credit protection products is "alarmist and potentially misleading" and would lead "virtually any consumer not to purchase the product."
He took issue with the proposed warning that "If you already have enough insurance or savings…you may not need this product."
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