Trump CFPB May Act on Debt Collection As it Pulls Back Elsewhere
Acting director of the Consumer Financial Protection Bureau, Mick Mulvaney recently stated that while the bureau will scale back rulemaking and enforcement in 2018, it will focus on debt collection as complaints continue to climb at the Dodd-Frank agency. One third of those complaints are related to debt collection. The complaints include harassing phone calls, the wrong debt for the wrong person, revealing debts to third parties as well as issues with modern technology such as text messages and social media.
In 2016, under the former director of the bureau, a proposal was outlined that aimed to address issues with third-party debt collectors and debt buyers initially and bank and first-party creditors at a later date. Many however doubt that the Trump CFPB will follow the 2016 plan.