Credit Union Trade Groups Accuse OCC of Short-Circuiting Regulatory Process

Credit union trade groups this week accused Acting Comptroller of the Currency Brian Brooks of skirting the rulemaking process in an attempt to allow risky fintech companies to expand their services. “Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks,” CUNA President/CEO Jim Nussle told the House Financial Services task force on financial technology. “These non-bank providers often strive to offer these products and services without being subject to robust consumer protection laws and regulations in place for banks and credit unions.” Nussle

Credit Unions Again Urge Congress to Adopt Data Protection Law

Credit union trade groups are renewing their plea for a national data protection standard—an effort that has been bogged down in congressional intramural politics for several years. “The current complex layer of laws does provide protections for consumers, but the many laws and regulation are also inefficient as some businesses must comply with many different requirements while others manage to escape requirements to protect information” CUNA President/CEO Jim Nussle wrote in a letter to the Senate Commerce Committee this week. “As NAFCU has previously communicated to Congress, we believe there is an urgent need for a national data security standard