CFPB Seeks Advisory Council Applications (3/22/19)
The Consumer Financial Protection Bureau is requesting applications for positions on its various advisory panels. The Community Bank Advisory Council, which meets three times per year, is intended to provide the bureau feedback from banks with $10 billion or less in assets. Council members are named to two-year terms.
The CFPB is also seeking applicants for its Consumer Advisory Board, which advises the bureau on emerging trends and challenges related to consumer financial products and services. The board will also meet three times per year and is open to bankers from institutions with more than $10 billion in assets. Board members are named to two-year terms. For more information, contact ABA's Jonathan Thessin.
CFPB Proposal on Debt Collection Expected This Spring (3/21/19)
The Consumer Financial Protection Bureau is expected to issue a notice of proposed rulemaking this spring to address a number of issues related to debt collection, including communication practices and consumer disclosures, according to its annual report to Congress on the Fair Debt Collection Practices Act released on March 20.
The report—which summarizes efforts by the CFPB and the Federal Trade Commission to enforce the FDCPA and educate consumers about debt collection—noted that the bureau fielded more than 81,000 complaints from consumers about first- and third-party debt collectors in 2018, and engaged in six public enforcement actions arising from alleged FDCPA violations. For more information, contact ABA's Diana Banks.