General Session

Mike Blalack

Debt Collection Compliance Update
Mike Blalack, Blalack & Williams P.C.

In October of last year, the Consumer Financial Protection Bureau entered into a Consent Order with Navy FCU. Significantly, that Consent Order mandated that Navy FCU pay $23 million to impacted members and pay a $5.5 million civil monetary penalty as well. The CFPB’s enforcement action focused on the debt collection practices and procedures of Navy FCU and initially sent shockwaves throughout the industry. In this fast-paced session, credit union attorney Mike Blalack provides analysis of the CFPB enforcement action against Navy FCU and assesses the resulting compliance implications for credit unions. Moving beyond the Navy FCU matter, it is a fact today that many collection department compliance issues are often overlooked. Mike also identifies the debt collection compliance issues and operational areas that have become points of emphasis and have been under attack by consumer lawyers. Mike provides practical advice for credit unions to reduce their risk and exposure in the area of debt collection practices.

In this session we cover:

  • Navy FCU Consent Order
  • Navy FCU Consent Order Implications for Credit Unions
  • Current Collection Department Compliance Issues
  • Current Collection Department Operational Issues
  • Practical Advice to Reduce Risk and Exposure in Credit Union Debt Collection Practices

About Mike Blalack

Mike Blalack, Esq. is a founding shareholder and principal of Blalack & Williams, P.C. Since 1975, Mike has focused exclusively on the representation of state and federal credit unions with a particular concentration in the areas of lending and deposit account system development, consumer credit, and collections issues and collections litigation.

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