Reuters Expects CFPB Debt Collection Rules to be Rewritten by New Administration

  • Written by Steel Rose

Democrats including Biden cried foul in July when the CFPB stripped out a key provision in a payday lending role, first drawn up by the Obama-run CFPB, that would require payday lenders to ensure consumers had the ability to repay.

Lenders said that provision was so onerous it could kill their businesses.

Likewise, consumer groups have criticized the agency’s recent debt collection rule which they say would allow collectors to harass consumers with unlimited text messages and emails. A Biden administration is likely to try to rescind or rewrite those rules. To read more click here