Newsroom
CFPB seeks feedback on plan to survey debt collection practices
The CFPB continues to seek feedback regarding its plan to conduct a web survey on debt collection disclosures in order to inform future rulemakings on first- and third-party debt collection. The survey will explore consumers' understanding and decision-making processes when exposed to debt collection disclosure forms.
The CFPB initially requested comment on this plan in June. In a new request published in the Federal Register today, the bureau asks for additional feedback on:
- whether the information collected in the survey is necessary for the CFPB's functions and will have practical utility;
- accuracy of the CFPB's estimate of the burden of the collection of information;
- ways to enhance the quality, utility and clarity of information to be collected; and
- ways to minimize the burden on respondents while collecting information, possibly through automated surveying techniques or other information technologies.
The bureau requests to survey 8,000 consumers on debt collection practices.
CFPB Director Richard Cordray has indicated there will be two separate rulemakings for first- and third-party debt collections, both of which are likely be released in 2018, if not by the end of the year.
NAFCU continues to engage with the bureau and Cordray to ensure any rulemakings on debt collection – especially first-party debt collection – do not place additional burdens on credit unions, which are member-oriented good actors in this space.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.