CFPB to Focus on Debt Substantiation, Consumer Communication, Director Says

Towards the beginning of his comments at the Consumer Advisory Board Meeting yesterday, Consumer Financial Protection Bureau Director Richard Cordray slipped in a quote from French author Antoine de Saint-Exupéry: “A goal without a plan is just a wish.”  Though they leaned far more towards wish than plan, Cordray’s comments did detail the agency’s ambitious, high-level vision for the next two years. Several of those stated goals involve the collections industry.

Cordray listed nine broad agency goals in all, which he characterized as being “key areas where we hope to make substantial progress over the next two years.”

Many of those goals, whether directly or indirectly, impact the industry:

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