CFPB Advisory Committee Meets; Emphatic Agreement that Debt Collection Rules are Needed

Yesterday the Consumer Lending Subcommittee of the CFPB’s Consumer Advisory Board met to discuss debt collection. Committee member input was predictable, but clearly identified the latest arguments.

The major themes were: Disclosures are unclear, inconsistent, intimidating and confusing to consumers – in part because there are too many of them; The problem of substantiating purchased debt needs to be addressed; Medical debt is unique and introduces additional challenges for consumers and healthcare providers; Use of modern communication channels may address the need for contact caps; Debt collection rules are badly needed (this was the primary area of agreement among all parties).

insideARM connected with Ohad Samet following the session. He offered this comment about the meeting,

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