#338: Why CFPB's recent Annual Privacy Notice regulation spells relief for many credit unions...
Ok, most of us are regulated to the point where it feels like we're all wearing straightjackets that are four sizes too small. Every time we exhale, the word compliance seems to wheeze from our lips. So each time a new regulation is announced these days, we cringe like a hapless B-movie star about to be whacked by a lumbering, hockey mask wearing loon.
But once in a blue moon, a little good news ventures our way from the Consumer Finance Protection Bureau. And Howard & Howard's Steven Van Beek is here to tell about this recent revelation relating to credit unions' Annual Privacy Notices.
We asked Steven how this news affects credit unions and why it was introduced now from our friends at the CFPB. We also discussed how this privacy notice regulation impacts "qualifying" credit unions and what those qualifications actually are. In addition, we touched on feedback from credit unions and where this change takes us -- setting some sort of precedent for future regs?
So with this new regulation, credit unions can actually breath a sigh of relief and enjoy the positive impact it provides. Let us know what you think of this new Annual Privacy Notice regulation that will save CUs some cash and time. Enjoy!
Short on time? Watch the trailer below...
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Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.