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CFPB debt collection hearing today; rulemaking outline expected

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU will monitor a CFPB public field hearing on debt collection in Sacramento, Calif., today, where the bureau is expected to outline a future proposed rulemaking on third-party debt collection.Before CFPB can issue a formal proposed rule, it must first submit its plans to a Small Business Regulatory Enforcement Fairness Act panel under the Dodd-Frank Act.Today’s hearing will feature remarks from CFPB Director Richard Cordray, consumer group and industry representatives, and questions and comments from members of the public.A survey by NAFCU’s research team this June on credit union debt collection practices found that 80 percent 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. continue reading »last_img

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