Debt Collection Overhaul—How it will Affect Debt Collection Industry Players
The Consumer Financial Protection Bureau (CFPB) is going through certain proposals that would help companies in collecting debt appropriately and capping the contact attempts by the collector, thereby overhauling the entire debt collection industry. While collecting debt, companies will also need to limit their communication and disclose the debt details, making it easier to dispute it when needed. Collectors will not be able to pursue debt while responding to the disputes without providing sufficient evidence. These conditions will become applicable on the debt in the event of it being sold or transferred.
In this session, Steven M. Kaplan and Anjali Garg will discuss the key areas of the CFPB’s debt collection proposal. These will include how it is different from the existing requirement; which aspects may significantly impact the debt collection industry; and how the proposals could affect the debt collection market players, including buyers, sellers, collectors and consumers.
Understand the changes that the CFPB is considering
Learn how the CFPB’s proposals will affect debt collectors, debt buyers, and debt sellers
Consider the impact of the proposals on debt collection practices and the debt collection market
Learn about the next steps in the CFPB’s debt collection rulemaking process
Who should attend
Legal/compliance professionals in debt collection companies
Anjali Garg is an associate in Mayer Brown’s Washington DC office and a member of the Consumer Financial Services group. She handles a broad range of federal and state compliance, examination and government enforcement matters, primarily for consumer financial product and service providers. An...
Steve Kaplan is a partner in Mayer Brown’s Washington DC office and the practice co-leader for the firm's Financial Services Regulatory and Enforcement Group. Steve concentrates his practice on regulatory matters related to consumer loans and other consumer financial products. He advises c...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.