WASHINGTON—The Financial Services Sector Coordinating Council and the Financial and Banking Information Infrastructure Committee will host an all-day meeting today on cybersecurity.
NAFCU, which is a founding member of the FSSCC and has worked with both groups on cybersecurity issues, reported its director of regulatory affairs, Alexander Monterrubio, will be on hand for the event.
Separately, on Thursday, the CFPB will hold a public field hearing on debt collection in Sacramento, Calif. The hearing will feature remarks from CFPB Director Richard Cordray, consumer group and industry representatives, and questions and comments from members of the public.
NAFCU reported that it had been told by the CFPB that the hearing will only focus on third-party debt collection, and that the Bureau will address first-party debt collection later. Before the hearing, the bureau is expected to issue an outline of a potential rulemaking on debt collection and to begin the process of forming a Small Business Review Panel on the issue.
NAFCU reported that its own survey in June on credit union debt collection practices found that 80% of respondents had waived late fees, interest or fines for delinquent accounts due to member hardship during the last year. The overall picture of credit union practices stood in stark contrast to the debt collection practices targeted by CFPB in recent reports.