UPDATED: CFPB Town Hall May 8 will focus on debt collection

Curtain raiser on debt collection rule proposal?

A town hall meeting on debt collection is slated by the Consumer Financial Protection Bureau (CFPB) for May 8 in Philadelphia, to be aired live and featuring remarks from bureau Director Kathleen Kraninger, according to information added recently to the events page of the bureau’s website.

The one-day event, held at the University of Pennsylvania’s Houston Hall (Bodek Lounge), 3417 Spruce Street, gets underway at noon.

The bureau said the town hall will also include comments from community groups, industry representatives, and members of the public, it says.

In March, Kraninger said a notice of proposed rulemaking related to debt collection is planned for issuance this spring. She revealed the news in her message for the agency’s annual report to Congress on administration of the Fair Debt Collection Practices Act (FDCPA).

In that message, the director said the proposed rule will address issues such as communication practices and consumer disclosures.

“The Bureau understands that the debt collection industry, by and large, wants to comply with consumer protection laws,” she said in the message. “However, where there are bad actors who violate the law, we will take enforcement actions to protect consumers.”

Some in the financial industry are speculating that the May 8 gathering will serve as the venue for revealing the debt collection rule proposal.

Earlier this month, Kraninger and the bureau also announced that a series of meetings will be held this year on various consumer protection topics. The first topic to be covered, it said, would be clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

The bureau has provided an RSVP link that allows for registration up until 11: 30 p.m., the registrant’s local time, on May 7. A video link for the May 8 event will be available at the start of the town hall, set for noon.

Town hall in Philadelphia, Pa.

RR: Bureau formally announces conferences on consumer protection; first to focus on abusive acts, practices (April 18, 2019)

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