Daily Digest – March 10. Cordray Barely Mentions Debt Collections in Speech; Credit Card Numbers Continue to Grow

CORDRAY BARELY MENTIONS DEBT COLLECTION DURING SPEECH TO BANKERS

• Speaking during the annual conference of the Consumer Bankers Association, Richard Cordray, the director of the Consumer Financial Protection Bureau, barely touched on the topic of debt collection, including the proposed rule that his agency is supposed to be working on. Cordray mentioned several other rules that the CFPB is working on instead of talking about debt collection.

CREDIT CARD NUMBERS CONTINUE TO GROW 

• The number of new credit card accounts increased 16% in third quarter of 2015, compared with the same period a year earlier, topping out at nearly 80 million accounts nationwide. Credit card issuers continued to give more cards to subprime consumers, albeit with lower credit lines, according to data published by the American Bankers Association.

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