A loophole in the CFPB's proposed debt collection rules could allow the agency to take action against credit unions even though the rules were not intended for those institutions, trade groups recently warned.
The CFPB has said the controversial debt collection rules are intended for third-party debt collectors.
However, trade groups are warning that a section of the rule would allow the CFPB to sanction any debt collector under the agency's Unfair, Deceptive or Abusive Acts or Practices.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
