WASHINGTON (2/4/14)--The Credit Union National Association is encouraging credit unions and state leagues to provide their comments on a 162-question debt collection advance notice of proposed rulemaking (ANPR) released by the Consumer Financial Protection Bureau.
Credit unions that collect their own debts have never been subject to the Fair Debt Collection Protection Act (FDCPA), but credit unions that collect debts for others--and credit union service organizations that offer debt collection services--are subject to the FDCPA. The Dodd-Frank Act authorized the CFPB to create rules prohibiting "unfair, deceptive, or abusive" acts or practices (UDAAPs). To implement regulations, the CFPB is proposing to rely not only on its FDCPA and UDAAP authority, but also on its more general Dodd-Frank rulemaking authority.
"The CFPB does not currently have authorization to regulate credit unions in the debt collection area, but CUNA is concerned that the CFPB's far-reaching authority could eventually sweep credit unions under the purview of future rules and regulations," CUNA Deputy General Counsel Mary Dunn said.
The CFPB ANPR:
CUNA has requested that credit unions and leagues send their comments by Feb. 14.
The CUNA request for comment, and much more, is discussed in this week's CUNA Regulatory Advocacy Report. For the full Report, use the resource link.