Fintech Partnerships Help CUs Meet Members on Their Phones In 2024, credit unions doubled down on digital communication to reach delinquent members, adopting modern collections platforms at a record pace.
Credit Union News
NCUA and CFPB Warn Against Fee Practices Hurting Members In 2024, regulators turned up the heat on overdraft and non-sufficient fund (NSF) fees, seeing them as harmful “junk fees” that
Enforcement Action Signals Hard Line on Unfair Collection Tactics In late 2024, the CFPB took aim at a third-party collections agency engaged in egregious practices, underscoring that unethical collectors will
First-Ever Redlining Case Puts Fair Lending on Collections’ Radar In a landmark enforcement action, the U.S. Justice Department announced its first redlining consent order involving a credit union, ordering Citadel
End of Payment Pause Strains Borrowers, Could Spill Over to CU Loans After a three-year pandemic pause, federal student loan payments kicked back in during late 2023 – and by
High Court’s 7–2 Decision Means CFPB Rules and Exams Continue Uninterrupted A cloud of uncertainty lifted in mid-2024 when the U.S. Supreme Court affirmed the constitutionality of the CFPB’s funding
Economic Strains Push Loan Defaults to 10-Year Peak After years of unusually low defaults, credit union delinquencies surged in 2024 to their highest levels in over a decade. An
Credit Unions Embrace Chatbots and Machine Learning to Boost Recoveries During 2024, artificial intelligence made a breakthrough in credit union collections, promising smarter workflows and better member engagement. At the
New Rule Caps “Junk Fee” and Sparks Industry Pushback The Consumer Financial Protection Bureau finalized a rule in early 2024 to drastically cut credit card late fees – from
Credit Unions Face Rising Auto Delinquencies and Regulatory Scrutiny Auto loans emerged as the epicenter of credit risk for credit unions in 2024. After a boom in 2021–2022 when many