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The CFPB has announced that it will hold a Debt Collection Town Hall in Philadelphia at the University of Pennsylvania beginning at Noon on May 8, 2019. The event will feature remarks from Director Kraninger as well as comments from community groups, industry representatives, and members of the public.

Although the CFPB did not indicate the purpose of the Town Hall, I strongly believe that the CFPB will use the occasion to announce the issuance of its Notice of Proposed Rulemaking (the “NPRM”) regarding third-party debt collection.… Continue Reading

Last Friday, the CFPB announced several changes in senior leadership.  The individuals and their backgrounds as set forth in the CFPB’s press release are as follows:

  • Andrew Duke will serve as the Policy Associate Director for External Affairs.  Mr. Duke has 27 years of experience in public policy, including 20 years on Capitol Hill serving with three different members of Congress.
… Continue Reading

Former CFPB Student Loan Ombudsman Seth Frotman, who abruptly resigned from the Bureau in August, has formed a nonprofit organization to advocate for additional oversight of the student loan industry. Called the Student Borrower Protection Center (SBPC), the group describes itself as “leading a nationwide effort to end the student debt crisis in America.”… Continue Reading

A number of housing and financial industry trade groups, including the Mortgage Bankers Association and Real Estate Services Providers Council, Inc. (RESPRO®), recently sent a letter to Senators Mitch McConnell (R-KY) and Charles E. Schumer (D-NY) supporting the confirmation of Kathleen Kraninger as CFPB Director.

The trade groups state that Ms.… Continue Reading

Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much for regulation by guidance either. He noted to the members that they have a right to know what the law is.… Continue Reading

Seth Frotman, the CFPB’s Student Loan Ombudsman, has sent a letter to CFPB Acting Director Mulvaney tendering his resignation effective September 1, 2018.  (In addition to Treasury Secretary Mnuchin and Department of Education Secretary DeVos, Mr. Frotman’s letter indicates that copies were sent to various Senate and House lawmakers.)

In his letter, Mr.… Continue Reading

By a 13 to 12 party-line vote today, the Senate Banking Committee approved President Trump’s nomination of Kathy Kraninger to serve as CFPB Director.

When the full Senate will consider her nomination and whether it will be approved remains uncertain.  We continue to believe that the full Senate is unlikely to consider her nomination before the mid-term elections.… Continue Reading