The Consumer Financial Protection Bureau (CFPB) has just announced a field hearing in Sacramento, Calif., about debt collection. The hearing will take place on Thursday, July 28 at 11 a.m. PDT (Location to be announced). According to the announcement, the hearing will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.
This event is open to the public and requires an RSVP.
As we recently posted, the next step in debt collection rulemaking is the convening of a Small Business Regulatory Fairness Enforcement Act (SBREFA) hearing to assess how contemplated new rules will impact small business. Based on information received from multiple sources, we know this hearing has been scheduled for sometime during the week of August 22. As part of the SBREFA process, an outline of proposed rules is to be distributed in advance of the hearing.
Based on prior history, the CFPB uses these field hearings to make formal announcements or release official information; the scheduling of this hearing was therefore anticipated. Re-think those summer vacations… there will likely be fewer than 30 days to review and prepare responses to that outline.