National Credit Union Administration to Review Debt Collection Regulations

Published on:
29 April 2011 at 08:07 a.m. ET

http://www.insidearm.com/news/00008091-national-credit-union-administration-to-r/

The National Credit Union Administration (NCUA) announced this week that it will be reviewing internal regulations governing debt collection among its members as a part of a rolling review of all of its rules and regulations.

The NCUA reviews one-third of its rules each year, meaning that all rules are reviewed every three years. In 2011, the association will tackle its debt collection guidance in addition to other rules, such as compliance with the Bank Secrecy Act and the Freedom of Information Act.

Members are encouraged to submit comments about the rules no later than August 5.

NCUA’s current rules can be viewed at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/rules_and_regs/2010NCUARegulations.pdf. The debt collection rules and regulations are in section 797, toward the end of the document.