Consumer Access to Financial Records
Deadline: February 21, 2017
The Dodd-Frank Act provides for consumer rights to access financial account and account-related data in usable electronic form. The CFPB is seeking comments about consumer access to such information, including access by entities acting with consumer permission, in connection with the provision of products or services that make use of that information.
Telephone Consumer Protection Act Petition
Deadline: February 1, 2017
The TCPA generally requires a caller to obtain the prior express consent of the called party when: (1) making a non-emergency telemarketing call using an artificial or prerecorded voice to residential telephone lines; and (2) making any non-emergency call using an automatic telephone dialing system (autodialer), or an artificial or prerecorded voice, to a wireless telephone number, among other specified recipients. However, the Bipartisan Budget Act of 2015 (Budget Act) which was passed by Congress and signed by President Obama in the fall 2015 amended the law so that calls, “made solely pursuant to the collection of a debt owed to or guaranteed by the United States,” are exempt from the requirement to obtain prior express consent. The law also states that in implementing the Budget Act amendments, the FCC, “may restrict or limit the number and duration of calls made to a telephone number assigned to a cellular telephone service to collect a debt owed to or guaranteed by the United States.” It required implementation of this law within a 9-month timeframe.
Regrettably, the FCC's interpretation of this law mirrored its July 2015 TCPA Omnibus Declaratory Ruling and Order (“Order”) which shows a fundamental lack of understanding of the need to communicate with consumers in a timely and efficient manner. Navient, Great Lakes, Nelnet, PHEAA, and SLSA, filed a petition for reconsideration of the R&O on December 16, 2016 seeking additional clarification.
CUNA has three specific concerns that we previously asked the FCC to address. They are that the FCC took an extremely narrow reading of how to implement the Budget Act, which does not appropriately address the concerns Congress had with the onerous limitations the FCC has placed on those seeking to communicate with consumers about debt owed to or guaranteed by the federal government. Second, the FCC should include mortgage debt and Small Business Administration (SBA) loans in its consideration of what is debt owed to or guaranteed by the federal government. Lastly, the FCC should reconsider its extremely problematic July 2015 TCPA Order in general.
The League is seeking participation of member credit union CEOs to address regulatory examination topics and challenges, and to also share their exam experiences and insights. Please use the form below to share your examination stories, issues/challenges you’ve faced, suggestions for improvement, etc.
Note: We will not share any specific CU exam findings by name. The intent is to alert the NCUA and other regulatory agencies to exam practice trends in our state. Your credit union's confidentiality will not be breached.