Venable partner Jonathan Pompan was quoted in a July 26, 2016 Law360 article on the anticipated release of the Consumer Financial Protection Bureau's (CFPB) new rules targeting the debt collection industry. The bureau's recent actions against collectors, banks, and law firms are expected to serve as a guide to final rules when they are released later this week.
"It's no stretch that a substantial amount of the proposal and the eventual proposed rule will mirror a lot of what was in the CFPB's enforcement actions against creditors, collectors, debt buyers and law firms," said Pompan. "While many of the issues that the CFPB is likely to address appear reasonable, there is a danger that the bureau overreaches in its push to clean up the industry. The CFPB rulemaking will definitely up the ante."