Venable partner Jonathan Pompan and associate Alex Megaris were quoted in June 21, 2016 ACA International and Auto Remarketing articles on the Consumer Financial Protection Bureau's (CFPB) regulation of credit and collection industry. Speaking on a panel at the ACA International 2016 Convention & Expo, Pompan and Megaris discussed a Notice of Proposed Rulemaking the CFPB is expected to issue for the debt collection industry.
Pompan said he expected the rule to cover multiple categories of business operations collection activities in a "soup and nuts" scope. "For all intents and purposes, it’s entirely possible that by the time the rule is out, the CFPB will have already done something related to the category it’s addressing, either through enforcement, supervision or amicus briefs," he added.
"The CFPB is one of the most transparent of the federal agencies," said Megaris. "While the rule is taking a lot longer than expected, there are resources out there to let you know what the expectations are."
Related Presentations and Articles:
CFPB Turns Five: The Evolving Legal and Regulatory Landscape for Debt Collection (Presentation)
CFPB Debt Collection (Regulation F) Rulemaking FAQs 2.0: Predicting the CFPB’s Timeline for Rulemaking (Article)