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CBA Statement on the CFPB’s Debt Collection SBREFA Outline
Washington, D.C. (July 28, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), today released the following statement in response to the CFPB’s issuance of a SBREFA outline on debt collection.
“We appreciate the Bureau’s efforts to tailor these rules and set clear expectations for consumers and industry. The Bureau recognizes the importance of distinguishing between first-party creditors and third-party collectors in their rulemaking process. This is important because the facts are clear: Consumers have very different experiences when dealing with banks as opposed to debt collectors. Over the next few weeks, our team will do a deep dive into the study and the outline to better gauge the impact on our customers. We look forward to further dialogue with the Bureau to make sure all of us get this right.”
Background: Today’s announcement focuses on the agency's SBREFA panel process and is not a notice of proposed rulemaking. The SBREFA process, a small business impact review required under Dodd-Frank, is expected to take two to three months after which we are likely to see an official proposal.
To watch the CFPB field hearing on debt collection in Sacramento, Calif., click here.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.