Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUs must not fall under CFPB debt collection regs, CUNA urges
WASHINGTON (2/4/14)--The Credit Union National Association is encouraging credit unions and state leagues to provide their comments on a 162-question debt collection advance notice of proposed rulemaking (ANPR) released by the Consumer Financial Protection Bureau.

Credit unions that collect their own debts have never been subject to the Fair Debt Collection Protection Act (FDCPA), but credit unions that collect debts for others--and credit union service organizations that offer debt collection services--are subject to the FDCPA. The Dodd-Frank Act authorized the CFPB to create rules prohibiting "unfair, deceptive, or abusive" acts or practices (UDAAPs). To implement regulations, the CFPB is proposing to rely not only on its FDCPA and UDAAP authority, but also on its more general Dodd-Frank rulemaking authority.

"The CFPB does not currently have authorization to regulate credit unions in the debt collection area, but CUNA is concerned that the CFPB's far-reaching authority could eventually sweep credit unions under the purview of future rules and regulations," CUNA Deputy General Counsel Mary Dunn said.

The CFPB ANPR:
  • Provides an overview of debt collection, consumer protection problems in debt collection, and government authority and activities to address these problems;
  • Requests information on transfer of and access to information upon sale of debts;
  • Seeks information regarding validation notices, disputes, and investigations;
  • Requests information about certain collector communications;
  • Asks for information about unfair, deceptive, and abusive acts and practices;
  • Addresses issues relating to collection of debts beyond the statute of limitations;
  • Requests information about debt collection litigation;
  • Raises questions about exemptions under federal law for state debt collection systems under the FDCPA; and
  • Solicits information concerning recordkeeping, monitoring, and compliance.
CUNA has requested that credit unions and leagues send their comments by Feb. 14.

The CUNA request for comment, and much more, is discussed in this week's CUNA Regulatory Advocacy Report. For the full Report, use the resource link.
RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
13 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
14 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
14 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
14 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
16 hours ago