Debt Collection

Impact
The Bureau of Consumer Financial Protection (BCFP) is actively engaging in debt collection enforcement actions.  CUNA has highlighted to the BCFP that Congress purposefully exempted first party creditors, including credit unions, from the FDCPA and therefore, it would be unlawful to extend any rulemaking pursuant to this statute over them.
Where We Stand

Credit unions take a more holistic collection approach when working with their member-owners. They are not merely interested in short-term efforts of collecting a debt; instead, they want to find the specific cause of their member's financial challenge.  

What We've Told Lawmakers & Regulators
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Removing Barriers Blog
CFPB Issues Debt Collection Proposal

CUNA Advocacy | May 07, 2019

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