WASHINGTON—The town hall earlier announced by the CFPB on May 8 will focus on debt collection. At the time the agency announced the forum, which will be held in Philadelphia, it had not announced the focus of the event.
The Bureau's fall rulemaking agenda indicated that it would issue a rule related to debt collection practices this spring.
As CUToday.info reported, the event is scheduled to begin at 12 p.m. ET. And will also be available via livestream. Register to attend in person or access the livestream here.
NAFCU, which maintains credit unions should not be the target of future debt collection rules, said it will attend the event.
The Bureau recently released an annual report to Congress on its enforcement of the Fair Debt Collection Practices Act (FDCPA). The report revealed that debt collection was the most prevalent topic of consumer complaints in 2018; it also highlighted efforts by the Bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices.
NAFCU has urged the bureau to exempt credit unions from any rules related to first- and third-party debt collection, as credit unions “are not the bad actors in this space. Any rulemakings 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,” the trade association said.