Kim Phan provides guidance to Ballard Spahr LLP clients on Consumer Financial Protection Bureau activity. Ms. Phan's experience includes preparing nonbank companies to participate in the CFPB consumer complaint system, submitting public comments on the larger participant rule for the debt collection market, and responding to CFPB supervisory activity. She supports nonbank company interactions with the Federal Trade Commission's Bureau of Consumer Protection, including responding to investigations and drafting testimony for FTC events.
Larger participants in the debt industry need to prepare for CFPB supervision, and an essential part of that preparation will be to establish a formal compliance management system.
The CFPB showed its support for the Consumer Federation of America (CFA) at last week’s CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered the keynote address and CFPB staff was strongly represented on a number of the panel discussions, including Tom Pahl who rejected the notion of a “crisis” in debt collection.