CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CFPB finalizes debt collection rule
Policy & Issues

CFPB finalizes debt collection rule

November 2, 2020
CFPBLogo

Update: CUNA's summary of the rule is available here. 

The Consumer Financial Protection Bureau (CFPB) released its final rule on debt collection Friday. The rule prescribes certain disclosures and conduct limitations for covered debt collectors, as that term is defined under the Fair Debt Collection Practices Act (FCDPA). The FDCPA and the Bureau’s final rule will regulate the activities of third-party debt collectors and not entities collecting their own debts, commonly referred to as “first-party debt collectors.”

“Credit unions treat members with respect during the debt collection process,” said CUNA President/CEO Jim Nussle. “While this rule is designed to implement the FDCPA, we remain concerned about the potential impacts the rule could have on the credit ecosystem. Because they are the owners of the credit union, credit union members have an interest in debt collection practices that are effective, fair and efficient. We will continue to evaluate the rule to determine its full impact on credit unions and their partners."

The Bureau is expected to finalize a supplemental debt collection rule focused on time-barred debt disclosures in the near future.

CUNA continues to oppose any legislative or regulatory efforts to expand the scope of the FCDPA to credit unions that collect their own debts.

 

 

KEYWORDS CFPB
Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • House passes CUNA-backed fair hiring bill

  • House committee to mark up field of membership modernization bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us