CFPB releases report on debt collection enforcement
The CFPB Wednesday released its annual report to Congress on its enforcement of the Fair Debt Collection Practices Act (FDCPA). The report reveals that the bureau received about 81,500 complaints related to first- and third-party debt collection in 2018, "making debt collection one of the most prevalent topics of consumer complaints."
As a result of the debt collection complaints, the bureau took six public enforcement actions in 2018 arising from FDCPA violations, one of which resulted in a $800,000 civil penalty. Four others are still in active litigation.
The report highlights efforts by the bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices. It also restates the bureau's intention to issue a proposed rulemaking on debt collection this spring; it was included in their fall rulemaking agenda.
NAFCU has urged the bureau to exempt credit unions from any rules related to first- and third-party debt collection, as they 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.
Add to Calendar 2019-12-11 14:00:00 2019-12-11 14:00:00 Reg CC – Common Compliance Issues and Best Practices In 2018, the Consumer Financial Protection Bureau and the Federal Reserve Board overhauled various portions of Regulation CC to better align the Regulation to the realities of check processing in the 21st century. You should understand the nuances behind these recent changes to ensure both (1) that your check-processing program complies with the requirements, and (2) that your check processing program is modernized to take advantage of the updates. This webinar will explain these changes, as well as subsequent updates and some Regulation CC compliance issues that credit unions should keep on their radar. Key Takeaways: Review modifications to check collection and return requirements for electronic checks Discuss extension of Regulation CC’s check warranties to checks collected electronically Identify new warranties and indemnities related to checks collected and returned electronically as well as electronically created items Learn about additional updates, including the presumption of alteration & adjustments to funds availability requirements, withdrawal exceptions, civil penalty amounts, etc. Walk through the potential use of deposit holds to help combat fraud Purchase Now $295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire team access to the live webinar and on-demand recording until December 11, 2020Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Audit staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review modifications to check collection and return requirements for electronic checks. Discuss extension of Regulation CC's check warranties to checks collected electronically. Identify new warranties and indemnities related to checks collected and returned electronically as well as electronically created items. Learn about additional updates, including the presumption of alteration & adjustments to funds availability requirements, withdrawal exceptions, civil penalty amounts, etc. Walk through the potential use of deposit holds to help combat fraud. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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