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New on the Compliance Blog: CFPB updates CUs should know
As credit unions work to meet the needs of more than 131 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
Here's a roundup of what's new this week:
CFPB Releases Advisory Opinion Reaffirming Position on “Pay to Pay” Fees: Regulatory Compliance Counsel Justin White covers the CFPB’s recent advisory opinion reaffirming its position that third-party debt collectors are prohibited from charging pay-to-pay or “convenience” fees by section 808(1) of the Fair Debt Collection Practices Act (FDCPA) unless the fees are expressly authorized by the agreement creating the debt or expressly authorized by law.
The Bureau Has Been Busy - A CFPB Roundup: Regulatory Compliance Counsel Rebecca Tetreau shares other CFPB updates, specifically on the bureau’s latest enforcement actions (EAs). Tetreau covers two EAs, one on the CFPB’s consent order with Bank of America for UDAAP and Reg E violations, and the other on the bureau’s lawsuit against repeat offender ACE Cash Express for UDAAP violations.
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