The Consumer Financial Protection Bureau and the Federal Trade Commission, which share enforcement responsibilities under the Fair Debt Collection Practices Act released a joint report on their efforts to combat illegal debt collection practices in 2017.
The rule, an update to the 2016 mortgage servicer rule, is aimed at improving communication between mortgage servicers and consumers in bankruptcy. It goes into effect April 19.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, stated the bureau plans to increase coordination with state attorneys general in enforcing federal consumer financial protection law.
The group of 38 Senators and 75 Representatives, led by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas), filed the brief late last week.
Under former director Richard Cordray, the bureau had originally sought a permanent injunction on the business activities of Golden Valley Lending and three other payday lenders last year.
The bureau is seeking comments and information from interested parties on “ways to engage the public and receive feedback on the work of the agency."
The request for information on supervision processes is the fourth in what looks to be a lengthy list of reviews from the Consumer Financial Protection Bureau.
President Trump revealed his 2019 federal budget plan this week, which features “major savings and reform proposals” across many offices and agencies, including the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau will continue its more low-key, hands-off approach to consumer protection and regulation, one which equally emphasizes the rights of the regulated.
The request for information specifically calls for suggestions on “burden reduction” in its enforcement of federal consumer laws, while still fulfilling the bureau’s statutory function and commitment to transparency.