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Yashewski Asks for Extended Timeframe in CFPB's Annual Privacy Notice Proposal
Friday, August 12, 2016 7:00 AM

On Aug. 10, Cornerstone SVP Regulatory and Compliance Counsel Suzanne Yashewski sent a comment letter to the Consumer Financial Protection Bureau regarding its proposal to amend the rules on the Annual Privacy Notice (Regulation P).

In her letter, Yashewski expresses Cornerstone's support in general for the proposal and for the CFPB's efforts to ease regulatory burdens and costs.

However, Yashewski adds, "Although we support the proposal in general, we urge CFPB to extend the timeframe from 60 days to 120 days in which to send the notice in situations where a credit union may change its policies in a way that it no longer qualifies for the exemption. 120 days will provide adequate time for credit unions to send the notice with members' statements instead of requiring a separate mailing which would be particularly costly for small credit unions with fewer resources."

Read this and other Cornerstone comment letters.

If you have questions about this comment letter, please contact Suzanne Yashewski at 512-853-8516 or syashewski@cornerstoneleague.coop.