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NAFCU Director of Regulatory Affairs Alexander Monterrubio on Wednesday will attend an all-day meeting in Washington with the Financial Services Sector Coordinating Council on cybersecurity.

The meeting will be jointly hosted with the Financial and Banking Information Infrastructure Committee. NAFCU is a founding member of the FSSCC and has worked with both groups on cybersecurity issues.

On Thursday, NAFCU will focus on a CFPB public field hearing on debt collection 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.

CFPB has told NAFCU the hearing will only focus on third-party debt collection, and that the bureau will address first-party debt collection later. Before the hearing, the bureau is expected to issue an outline of a potential rulemaking on debt collection and to begin the process of forming a Small Business Review Panel on the issue.

A survey by NAFCU's research team in 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.

NAFCU this week is also participating in the Democratic National Convention in Philadelphia; read more here.