WASHINGTON–NAFCU said its view that “not all debt collectors are created equal” was reaffirmed after its representative attended a “debt collection event” that was hosted by the CFPB.
With NAFCU Regulatory Affairs Counsel Ann Kossachev in attendance, CFPB Director Richard Cordray said the agency believes responsible debt collectors are an essential part of the financial marketplace, before outlining the steps the Bureau has already taken regarding debt collection, including an outline of proposals under consideration for a rulemaking on third-party debt collection.
In a statement, NAFCU noted it has called on the CFPB not to include credit unions in any debt collection rulemaking. NAFCU has further shared its concerns about the indirect effects the third-party rulemaking outline might have on credit unions.
The trade group also noted its June Economic & CU Monitor indicated that approximately 80% of credit unions have waived late fees, interest or fines for their members and another 33% have forgiven debts to one or more members.
As CUToday.info reported here and here, the CFPB has recently released several new reports around debt collection.