CFPB Considers a Proposal to Overhaul Debt Collection Market

Also, a collection of legal news from the federal regulatory arena, and this week’s compliance question, answered.

DFI Issues Request for Comments on Semi-Annual Assessment Fee Collection

Credit unions are encouraged to file comments before the October 14 cutoff regarding the proposed changes, as well as other questions or concerns about assessments.

Compliance Question of the Week

Do we stop collecting payments on loans for a service member who is now on active duty?

Industrial Credit Union’s 19th Annual Food Drive Spreads the ‘People Helping People’ Philosophy Across Washington’s Whatcom County

For Terri Salstrom, Kim Sutton, and the employees of Industrial Credit Union in Bellingham, the spirit of community involvement is very much alive, and the “Feed the Need” food drive they created 19 years ago is still bringing neighbors together to help families who are hungry.

Can’t Wait for the Boardwalk of Miracles Auction? Bid Now on the Coolest Air Jordans from the Doernbecher Freestyle Collection!

You’ll have to wait until Oct. 9 for your shot at most of the items up for bid at the Boardwalk of Miracles auction at the NWCUA’s Amplify Convention in Portland. But you can take a step in the right direction now by bidding online for the sweetest pair of Air Jordans this side of Doernbecher Children’s Hospital.

CFPB Issues Guidance on Indirect Lending and ECOA Compliance

A bulletin released last week by the CFPB provided indirect auto lenders within the CFPB’s jurisdiction with suggestions for limiting fair-lending risks under the ECOA for discriminatory dealer markups.

CFPB Updates Procedure for Submitting Credit Card Agreements

To lessen the collection burden, the CFPB has updated the quarterly card agreement collection process, giving issuers the option to send information to the CFPB by email.

Repossessions: Never a Preference, Sometimes a Reality

Repo Remarketing writes about how outsourcing tough delinquencies can be a key to the overall success of a collections department.

GAO Issues Report on Corporate Credit Union Failures and NCUA Action

The NWCUA’s Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. Included here are updates on a recent GAO report and an NCUA data request.

Washington Legislative Week in Review

If the legislature is successful in completing its negotiations on two difficult issues, the special session could conclude soon. Also, an update on successful efforts to stop exam reports from becoming public.

Washington Legislative Week in Review

The Legislature is working in a special session to close the budget gap, and Governor Gregoire has yet to sign the Prize-Linked Savings bill.

The Fed Proposes Amendments to Regulation CC Regarding Collection of Checks and Availability of Funds

The Federal Reserve Board requested public comment on proposed amendments to Regulation CC to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the “exception” hold periods on deposited funds.

$500 for Each Violation of the Telephone Consumer Protection Act

We all know that cell phones have become a major part of our lives. What you may not know is the Telephone Consumer Protection Act restricts the use of automated dialer systems to contact members on their cellular phones.