Newsroom

Back to the Newsroom
December 18, 2017

Following NAFCU letter, CFPB withdraws debt collection request

The CFPB has withdrawn its request for feedback related to first- and third-party debt collection rulemakings. NAFCU last week sent a letter to the bureau urging it to reevaluate its rulemaking efforts as it had failed to recognize the unique structure of credit unions.

In November, the CFPB requested feedback on its plan to conduct a web survey on debt collection disclosures that will inform future rulemakings on first- and third-party debt collection. The survey would explore consumers' understanding and decision-making process when exposed to debt collection disclosure forms.

The bureau withdrew its request shortly after NAFCU submitted its comment letter Thursday. The withdrawal notice states that "Bureau leadership would like to reconsider the information collection in connection with its review of the ongoing related rulemaking."

In the association's letter, NAFCU Regulatory Affairs Counsel Ann Kossachev said that first- and third-party debt collection rules would have a negative impact on the credit union industry and will make it more difficult for credit unions to offer affordable, high quality products to their members.

NAFCU will continue to monitor the CFPB's actions on debt collection issues and will advocate for credit unions' exemption from any future rulemakings.

Related Resources

Complete NAFCU Credit Union Compliance Advertising Guide

Guides
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market.  Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public

Gallagher Executive Compensation and Benefits Survey

preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically.   [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters.  [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public

The Evolving Role of the CISO in Credit Unions

Cybersecurity

preferred partner
DefenseStorm
Podcast

AI in Action: Redefining Disaster Preparedness and Financial Security

Strategy

preferred partner
Allied Solutions
Blog Post