Credit union collectors need to be aware of the impacts of important new Consumer Financial Protection Bureau (CFPB) regulations which took effect last November.
The Fair Debt Collections Practices Act (FDCPA) focuses on debt collection communications and related practices by debt collectors. Two new final rules took effect in November.
The first rule focuses on debt collection communications and clarifies the FDCPA’s prohibitions on:
Attorney Eric North will address these rule changes and their impacts in detail during his “What the New CFPB Regulations Mean to Credit Union Collectors” session at CUNA Collections & Bankruptcy School Sept. 19-22 in San Antonio.
Any credit union professional whose job involves the collection of consumer debts – whether as a collector or as one who supervises collectors – needs to understand these new rules, which affect:
At the September event, North will fully explain what the new rules say, how they affect credit unions and individual collectors, and the steps that should have already been implemented to comply with them.
North’s session will provide a chance for collection professionals to check their understanding of the rule changes and review their compliance efforts.