CFPB to hold debt collection town hall May 8
The CFPB will hold a town hall focused on debt collection May 8. The bureau's fall rulemaking agenda indicated that it would issue a rule related to debt collection practices this spring; NAFCU maintains that credit unions should not be the target of future debt collection rules.
NAFCU will attend next week's town hall in Philadelphia, Pa., which is scheduled to begin at 12 p.m. Eastern; it will also be available via livestream. Register to attend in person or access the livestream here.
The bureau recently released an annual report to Congress on its enforcement of the Fair Debt Collection Practices Act (FDCPA). The report revealed that debt collection was the most prevalent topic of consumer complaints in 2018; it also highlighted efforts by the bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices.
NAFCU has urged the bureau to exempt credit unions from any rules related to first- and third-party debt collection, as credit unions are not the bad actors in this space. Any rulemakings could have a negative impact on the credit union industry and would make it more difficult for credit unions to offer affordable, high quality products to their members.
In December 2017, following a NAFCU letter, the CFPB withdrew its request for feedback related to first- and third-party debt collection rulemakings.
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