Removing Barriers Blog

Study Shows Limiting Debt Collection Leads to Limited Access to Credit

On his regulation blog, Henry Meier, New York Credit Union Association’s General Counsel, recently discussed the need for debt collectors and also posted about the Federal Reserve raising the Federal Funds Rate.   

In his blog, Mr. Meier references the report released by the Federal Reserve Bank of New York, “Access to Credit and Financial Health: Evaluating the Impact of Debt Collection.”  The report examines the effects of debt collection on consumers and explains the evidence confirming that restricting debt collection activities leads to a decrease in access to credit and a deterioration in financial health. 

CUNA shares the same concerns made in the post, and has been actively engaged with the CFPB on its debt collection rules.