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CLLA Update - Cordray Says CFPB Moving Forward with Debt Collection Rules

Wednesday, June 14, 2017   (0 Comments)
Posted by: Katherine Herrera
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Cordray Says CFPB Moving Forward with Debt Collection Rules

 

Richard Cordray will move forward with plans to regulate debt collectors in remarks made just before the House passed a bill that would reduce the agency’s rulemaking and enforcement powers.

 

The Choice Act, a Republican bill, would eliminate the bureau’s supervisory functions and its authority to act against unfair, deceptive, or abusive acts and practices (UDAAP), and do away with its single-director structure and independent funding.

 

The Bureau announced draft proposals on part of the debt collection market in 2016 that would apply to third-party debt collectors and debt buyers. 



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