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| Urging small Reg E changes to help Credit Unions Combat Fraud |
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When it comes to fighting fraud, even small changes can make a big impact. In proactive outreach to the CFPB sent Thursday, America’s Credit Unions urged the bureau to make a small regulatory clarification that would help reduce fraud and strike a balance between security and usability.
In the letter, America’s Credit Unions Regulatory Advocacy Counsel Jeremy Greenberg outlines how an Official Interpretation of Regulation E by the CFPB would provide relief. This change would clarify that credit unions may limit account identifiers on periodic statements to three digits or letters, balancing member identification with fraud and privacy protections.
Greenberg flagged that clearer guidance would give credit unions confidence to truncate account numbers without risking compliance issues. Shorter identifiers would also limit the amount of sensitive information exposed, making it harder for fraudsters to exploit stolen data, particularly in cases of mail theft.
America’s Credit Unions continues to engage regulators and lawmakers to find solutions that help credit unions better serve their members and protect them from rapidly growing fraud concerns.
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