Perhaps getting lost in Wednesday’s speech that outlined her view of the Consumer Financial Protection Bureau’s mission and an overview of what is likely to be included in the forthcoming proposed debt collection rule, agency Director Kathy Kraninger announced that the CFPB would be holding a series of events “exploring consumer protections in today’s dynamic financial services marketplace.”
While not providing a date or location, the CFPB yesterday announced some more details, and reiterated that the first event will be focused on “clarifying the meaning” of abusive acts or practices under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits the use of unfair, deceptive, and/or abusive acts or practices. Abusive has never really been defined and the financial services industry, including the credit and collections sector, has long yearned to know exactly how an entity can be abusive.
The CFPB’s intention with these events is to bring together thought leaders and share a “proactive dialogue” to discuss ideas and and issues facing the CFPB in a “transparent” and “public” forum, the agency announced.
“As the Bureau has an open mind on where the process will go, any appropriate next steps would come after the Bureau has had time to digest the discussion at the given symposium,” Kraninger said in a statementdetailing the symposia series.
