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Cornerstone Praises CFPB's Regulation P Proposal
Monday, July 14, 2014 6:50 AM

In a letter to the Consumer Financial Protection Bureau regarding their proposal to amend Regulation P, the annual privacy notice requirement, Cornerstone's Senior Vice President of Regulatory Compliance Suzanne Yashewski praised the organization for streamlining and minimizing the compliance measure.

"We support the proposed amendment which would permit credit unions to use alternative methods to comply with the privacy notice requirements,” said Yashewski in her letter. “The proposal would benefit credit unions by saving on the costs associated with mailing the notice, as well as staff time to prepare it."

She added that the proposal eliminates waste and provides choice and flexibility to credit union members who may have different preferences for receiving the notices, and she outlined other advantages to credit unions and their members.

Because the change will have an instant impact and provide interim relief and cost savings, Yashewski urged the CFPB to make the effective date of the rule immediate upon publication in the Federal Register.

To read the entire letter, you can go to Cornerstone's website. If you have any questions, please contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or (512) 853-8516.