CFPB to Host Field Hearing on Debt Collection

CFPB Debt Collection Small Business Regulatory Enforcement Fairness Act

On July 28, the CFPB will host a field hearing on debt collection in Sacramento, California. CFPB Director Cordray will deliver remarks at the hearing, with consumer groups, industry representatives, and members of the public also providing testimony. It is highly anticipated that, at the hearing, the CFPB will release an outline of proposals for consideration by a Small Business Review Panel. Pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA), the CFPB must convene a Small Business Review Panel if a proposed rule may have a significant impact on a substantial number of small entities. A SBREFA outline may be a strong indicator of the approach the CFPB intends to take on a future proposed rule on debt collection.