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July 15, 2016

CFPB field hearing on debt collection July 28

CFPB will hold a public field hearing on debt collection on July 28 in Sacramento, Calif.

The hearing will feature remarks from CFPB Director Richard Cordray, consumer group and industry representatives, and questions and comments from members of the public. Information on how to register for the event is on CFPB's website.

A survey by NAFCU's research team this June on credit union debt collection practices found that 80 percent of respondents had waived late fees, interest or fines for delinquent accounts due to member hardship during the last year. The overall picture of credit union practices stood in stark contrast to the debt collection practices targeted by CFPB in recent reports.

In March, CFPB put out a snapshot report on debt collection, which it said is the most-complained-about financial product since the bureau's inception.

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