Deregulation Comes to Consumer Finance
The American Lawyer interviewed Ballard Spahr’s Chris Willis for an article on new leadership at the CFPB and what it might mean in terms of regulation.
"The outline released in the summer of 2016 revealed a rulemaking that was going to be very restrictive and very difficult not only to comply with, but would cripple debt collection in this country, making it very difficult to contact people who owe money,” said Mr. Willis, a partner in the firm’s Consumer Financial Services Group. “ I don't believe the agency will be pursuing a rulemaking in that form in the near future. But that's not to say there isn't a need for a debt collection rulemaking. Private litigation under the [Fair Debt Collection Practices Act] is really a plague right now."
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