Jonathan L. Pompan, partner and co-chair of the Consumer Financial Services Practice Group, authored "CFPB Debt Collection Regulatory Update" in the spring issue of RMAI Insights Magazine, the official magazine of the Receivables Management Association International. Here's an excerpt:
The regulation of debt buyers and collectors continued at the Consumer Financial Protection Bureau ("CFPB") during 2018. The three most significant CFPB developments were (1) the confirmation of Kathy Kraninger as the Bureau's new Director, succeeding Acting Director Mick Mulvaney, to a five-year term; (2) continued work (and an industry waiting) for the previously announced debt collection rulemaking; and (3) continued enforcement and supervisory activity involving the Fair Debt Collection Practices Act ("FDCPA") and Consumer Financial Protection Act ("CFPA"), including a defeat in a lawsuit over debt collection letters sent on law firm letterhead.
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