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CFPB provides tips to handle coronavirus impact, how to proceed with financial obligations
Amid concerns about the financial impact of the coronavirus outbreak, the CFPB published a blog post Monday detailing how consumers can best protect themselves.
The bureau addresses steps consumers may take if they are unable to meet financial obligations, including:
- contacting lenders and loan servicers and preparing to explain how much you can afford to pay, and when you’re likely to be able to start regular payments;
- working with Department of Housing and Urban Development-approved housing counselors or reputable credit counseling organizations to understand options available;
- contacting debt collectors if you currently have debt in collections; and
- regularly checking credit reports to ensure the statements are accurate.
The CFPB also provides information on what to do if you lose your income, suggesting that consumers look into their state’s unemployment policies.
On the topic of coronavirus-related scams, the bureau notes that older adults are at a higher risk for targeted scams and points to the Federal Trade Commission’s tips on how to protect yourself from coronavirus-related scams. Additionally, the Financial Crimes Enforcement Network recently provided examples of emerging trends in illicit behavior connected to coronavirus, such as imposter scams and product scams.
NAFCU has a resource page available on the virus, as well as a new economic brief on its potential impact and a Compliance Blog post that provides FAQs for credit unions related to the coronavirus.
Earlier this week, association members heard directly from NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Chief Economist and Vice President of Research Curt Long, and Vice President of Regulatory Compliance Brandy Bruyere during a member-only webinar to address economic concerns and compliance challenges associated with the virus.
The webinar is available online for members to access on-demand.
The association will continue to work closely with the Trump administration, Congress, and regulators to ensure they are aware of what credit unions are doing to support members during the outbreak and of how they can provide regulatory relief to the industry.