Several financial services trade associations wrote to CFPB Director Rohit Chopra voicing their concerns with the Advisory Opinion regarding Section 1034(c) of the Consumer Financial Protection Act.  The trade associations include the American Financial Services Association, the Bank Policy Institute, the Consumer Bankers Association, and the U.S. Chamber of Commerce.

For background, the CFPB issued an Advisory Opinion titled “Consumer Information Requests to Large Banks and Credit Unions” which requires large banks and credit unions to comply “in a timely manner” with consumer requests concerning their accounts. … Continue Reading