WASHINGTON–Issuing an interim final rule (IFR) for its personal financial data rights (PFDR) rule would “truncate the public comment process for one of the CFPB’s most technical and complex rules,” according to America’s Credit Unions.
In a letter to acting CFPB Director Russell Vought, America’s Credit Unions called on the Bureau to go through the regular rulemaking process to alleviate potential complications.
America’s Credit Unions said its outreach follows the CFPB’s indication in a recent court filing that it would make efforts to issue an interim final PFDR rule before funding runs out in early 2026. As the CU Daily reported earlier, the Bureau had earlier announced in November that it could not legally request funds from the Federal Reserve based on an opinion provided by the Department of Justice’s (DOJ) Office of Legal Counsel, It also later transferred all of its enforcement actions to the Department of Justice as the Trump administration has sought to largely neuter the CFPB.
‘De Facto Rule’
“The CFPB’s plan to make progress on the PFDR Rule before reduced funding affects operations is commendable; however, the use of an IFR may result in the publication of a de-facto final rule if the agency lacks the resources to respond to additional stakeholder input in 2026,” the letter states. “Such an approach may be hazardous from the standpoint of locking in policy decisions that cannot be easily reconsidered in the absence of agency rulemaking resources.”
America’s Credit Unions noted its letter further outlines further concerns and states that given the complexity of reengineering a regulatory right of access for data exchange, a full notice and comment rulemaking would be more appropriate. Depending on the scope of proposed changes, the Small Business Regulatory Enforcement Act might also be applicable and require the CFPB to convene a small business panel to consider the cost impacts.
As the trade group further noted, the Bureau originally finalized the PFDR rule in 2024 and included many burdensome, inequitable, and risky provisions in it. The bureau announced its advanced notice of rulemaking in July, marking the start of ab accelerated rulemaking process to revise the PFDR under the new administration.
Simpson Meets With Treasury Officials
Separately, America’s Credit Unions President and CEO Scott Simpson met with Alexandria Smith, deputy assistant secretary for community and economic development at the U.S. Department of the Treasury, to discuss credit union priorities related to the Community Development Financial Institutions (CDFI) Fund.
According to the trade group, during the meeting, Simpson emphasized the “importance of maintaining a fully operational and predictable CDFI Fund to ensure certified CDFIs can continue deploying affordable credit and financial services in underserved communities. He highlighted concerns related to recent disruptions and procedural challenges that risk delaying certifications and awards.”
Appreciation Expressed
“On behalf of the nearly 500 CDFI-certified credit unions and their members, we appreciate Treasury’s continued engagement on the CDFI Fund and its mission to expand opportunity in underserved communities. Credit unions leverage these resources every day to support small businesses, affordable housing, and local economic growth, and that impact depends on a fund that is stable and efficient,” Simpson said in a statement. “Today’s discussion was positive, and we look forward to continuing to work with the Administration to strengthen the effectiveness and predictability of the CDFI Fund so communities across the country can continue to thrive.”
America’s Credit Unions said it further urged Treasury to consider “targeted, practical improvements to the CDFI recertification process, including allowing minor technical corrections during application review, providing a temporary certification grace period for institutions in recertification, and updating the Low-Income Calculator to reflect current HUD income data.”
