Written by JiJi Bahhur, Director of Regulatory Compliance
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking to gather information and data about debt collection practices. The ANPR requests information on a wide range of debt collection issues and practices, including accuracy of information used by debt collectors, procedures for ensuring consumers know their rights, and avenues of communication used by collectors to recover debts.
The CFPB began accepting debt collection complaints back in July, 2013, and also announced that it will begin adding these consumer complaints to its public Consumer Complaint Database. It is quite apparent that the CFPB has consumer protection laws regarding debt collection practices on its radar and will continue to explore these practices in order to determine whether rulemakings or other actions are appropriate.
To view the ANPR, click here. Also, for a quick look at what types of questions the CFPB is seeking comment and information gathering on, take a look at the press release here.
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NCUA Update: Looking Ahead to 2014. On December 10, 2013, NAFCU’s Regulatory Affairs team will provide a look ahead into the affairs of NCUA, including updates on loan participations, capital reform, examinations, stress testing, securitization, corporate stabilization fund, the NCUSIF, derivatives, NCUA restructuring and more! You won’t want to miss this one! And, it’s open to all! To register, click here.
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