Volume 25 - Number 5
March 3, 2014
Industry Express Concerns to CFPB Over Possible Debt-Collection Rule
As the CFPB contemplates a possible rulemaking on consumer debt collection, the Consumer Mortgage Coalition advised the bureau that the Fair Debt Collection Practices Act is pretty much obsolete, as far as mortgage servicers go, due mostly to key legislative developments since the law was enacted. One such change was the 1999 enactment of the Gramm-Leach-Bliley Act consumer financial privacy protections, which are more comprehensive and more modern than those under the FDCPA, according to the CMC. Then there was passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which assigned to the bureau rulemaking authority under the FDCPA and other enumerated consumer financial laws.
Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.
This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744