Consumer Financial Protection Bureau building in Washington, D.C.
Credit/Diego M. Radzinschi
The CFPB released its advisory opinion Wednesday for those financial institutions, including credit unions, with more than $10 billion in assets to give consumers or members detailed informational reports about their accounts for free and complete them "in a timely manner." NAFCU officials said this additional regulatory requirement "is another instance of the bureau overstepping its authority."
In its advisory opinion, and according to an analysis published by NAFCU, the CFPB outlined several types of information financial institutions "should provide quickly and without fees upon a consumer's request under section 1034(c) of the Dodd-Frank Act, including information that would appear on periodic statements or online portal accounts." Those pieces of information included:
- The balance in a deposit account;
- Interest rate on a loan or credit card;
- Payments and transactions information;
- Recurring transactions; and
- Terms and conditions of the account, including fee schedules.
Of the new advisory opinion, NAFCU SVP of Government Affairs Greg Mesack said, "The bureau is enacting a substantial policy change while making a mockery of the [Administrative Procedure Act (APA)] process that was created to protect Americans from regulatory overreach – mandating solutions to nebulous problems without seeking input from the public or affected stakeholders. This is why Congress needs to reform the CFPB and ensure there are proper checks and balances in place to hold the bureau accountable to its mission and proper processes."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
