On Thursday, the Consumer Financial Protection Bureau (CFPB) announced a symposia series exploring consumer protections in today’s financial services marketplace.
“There are a number of outstanding, challenging issues the Bureau is facing – some of which Congress directed us to address. I believe that the best way to address these issues is with proactive dialogue,” said CFPB Director Kathleen L. Kraninger. “The symposia series is building on the approach we took last year in convening experts on access to credit issues and credit invisibles. These types of proactive efforts are precisely how we intend to engage. Our symposia series will facilitate a robust discussion by experts on a variety of topics related to the Bureau’s mission in a public forum. 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.”
According to the CFPB, the first topic to be discussed in the series will be around clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Act.
Recently, Kraninger spoke in a keynote address titled “The Next Phase for CFPB” hosted by the Bipartisan Policy Center. Kraninger spoke on consumer emergency savings issues and how the CFPB is addressing these problems, and also discussed rulemaking and guidance in regards to financial services.
“Articulating clear rules for the road for regulated entities will promote competition, increase transparency, and preserve fair markets for financial products and services,” said Kraninger. “When Congress directs the CFPB to promulgate rules or address specific issues to rulemaking, we will comply with the law.”
Additionally, Kraninger talked about the increased technology usage and its impact on debt collectors. Specifically, she discussed how the CFPB plans to address both human and “robocalls” from debt collectors. Noting that the Fair Debt Collection Practices Act (FDCPA) has not been updated since 1977, she proposed updating the Act and its rules to better reflect modern communications technologies in collections activities.