CFPB Director Cordray Talks Rulemaking With NARCA Board

At last week’s NARCA annual conference, Richard Cordray, the executive director of the Consumer Financial Protection Bureau had a private meeting with the organization’s board, to discuss the agency’s proposed debt collection rule and other important topics.

“We had a nice dialogue,” said past NARCA president Joann Needleman. “What’s important is that both sides need to be humanized.”

Needleman said that Cordray used the word “mindful” a lot when discussing the CFPB’s approach to its proposed debt collection rule.

“I get the sense that they are trying to grapple with the nuances of debt collection,” said Needleman, who is also a member of the CFPB’s Consumer Advisory Board. The CFPB fully comprehends the complexity of the debt collection industry, Needleman said, and Cordray was very accommodating during the meeting.