Tag: Richard Cordray

1
CFPB Director Informs Consumer Advisory Board That Bureau Will Not Shy Away from Issuing Debt Collection Proposed Rule
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Cordray Confirmed as Director of CFPB
3
Cordray’s Recess Appointment Continues to Cause Controversy

CFPB Director Informs Consumer Advisory Board That Bureau Will Not Shy Away from Issuing Debt Collection Proposed Rule

By Brian M. Forbes,  Gregory N. Blase, Andrew C. Glass and Roger L. Smerage

In prepared remarks delivered to the Consumer Advisory Board on Thursday, June 8, 2017, Consumer Financial Protection Bureau Director Richard Cordray explained that the CFPB is moving forward with its long-anticipated debt collection rules. K&L Gates previously chronicled the CFPB’s efforts to promulgate debt collection rules here, here, and here.

The Director emphasized his view that new debt collection rules are necessary because of the age of the Fair Debt Collection Practices Act—enacted in 1977—and the statute’s inability to fit modern methods of communication. According to the Director, the forthcoming rules would benefit consumers and industry participants by clarifying what constitutes unfair collection practices. Substantively, the Director focused on the portion of the CFPB’s July 2016 outline aimed at ensuring that debt collectors possess correct information about debts they are seeking to collect and consumers who owe those debts. In a notable shift, the Director indicated that the CFPB is prepared to issue a single set of debt collection rules relating to the gathering of information by and transfer of information between first-party creditors and third-party debt collectors. Acknowledging that the shift will require the CFPB to take some additional time to iron out “intertwined issues,” the Director suggested that the CFPB will try to fast-track other aspects of its proposed rulemaking, including the information third-party debt collectors must disclose to consumers and the manner in which third-party debt collectors interact with consumers.

K&L Gates will continue to monitor and report on further developments.

Cordray Confirmed as Director of CFPB

By: Kristie D. Kully,  *Nathan Pysno
*Mr. Pysno is admitted only in Maryland / Not admitted in D.C.

On July 16, 2013, the Senate confirmed Richard Cordray as the first Director of the Consumer Financial Protection Bureau. The 66-34 vote to confirm Cordray ends nearly two years of uncertainty over his position. Read More

Cordray’s Recess Appointment Continues to Cause Controversy

By: Tori K. Shinohara

On January 4, President Obama made several recess appointments, including the appointment of Richard Cordray as the first director of the CFPB. After facing harsh criticism, an Office of Legal Council (OLC) memorandum opinion was released on January 12, justifying the constitutionality of the appointments in question. Read More

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