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STOP Collector Blog From the law firm of Lemberg & Associates

CFPB and States Plan Better Coordination Regarding Debt Collection

Richard Cordray, Director of the federal Consumer Financial Protection Bureau, recently spoke at the National Association of State Attorneys General. Cordray, the former Attorney General of Ohio, indicated that the CFPB and states are “meeting regularly to discuss the challenges posed to our mutual constituents by payday loans, foreclosure scams, auto loans, and debt collection.”

According to a Bloomberg article, much of the focus is on sharing information via the Federal Trade Commission’s complaint clearinghouse, called the Consumer Sentinel network. If all states were to contribute to the database, it would allow investigators to more easily pinpoint trends where debt collectors and other companies outside of the mainstream financial system cross the line into illegal behavior. Moreover, Cordray expressed strong support for a collaboration among attorneys general to develop a “national strategic plan” regarding debt collection agency abuses.

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Author
Sergei Lemberg

Sergei Lemberg is the principal at Lemberg & Associates, a consumer law firm that defends consumer rights in the areas of fair debt collection law, fair credit law, and lemon law, among others. He is regularly labeled by the debt collection industry as one of the “most active consumer attorneys” in the U.S.

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