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ARTICLE · 16 SEPTEMBER 2013

Interview With CFPB Head Richard Cordray Promises New Rules And Enforcement Actions

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The Washington Post has published an interview with the now-confirmed commissioner of the Consumer Financial Protection Bureau, Richard Cordray. We’ve excerpted some key highlights; the full interview is well worth reading.

United StatesLitigation, Mediation & Arbitration
Kevin Ranlett
Kevin Ranlett
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Keywords: CFPB, Electronic Fund Transfer Act, Fair Debt Collection Practices Act

The Washington Post has published an interview with the now-confirmed commissioner of the Consumer Financial Protection Bureau, Richard Cordray.  We've excerpted some key highlights; the full interview is well worth reading.

The interview has some specifics about next steps by the CFPB on debt collection. For example, Cordray says:

We will be undertaking rulemaking in the debt collection area. The work on that will get started later this fall. . . .

The Fair Debt Collection Act was passed in 1977 and there were never any provisions for rules to be written under it, so it hasn't kept pace with the times. It's now 35 years old and there is room for us to update the act to take account of various court decisions, changes in the industry, changes among the consumer public to improve coverage so people are protected and treated fairly. That's an important area for us and an

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