The National Association of Federally-Insured Credit Unions’ (NAFCU) Director of Regulatory Affairs Ann Kossachev issued the following statement after the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking on third-party debt collection:
“We appreciate the Bureau working to ensure consumers are provided with clear, upfront disclosures on the terms, conditions and obligations of their loans,” said NAFCU Director of Regulatory Affairs Ann Kossachev. “However, NAFCU will carefully review the proposal to gauge any impact on our members, in particular where credit unions may work with third parties.”