We’ve arrived at the most intolerable phase of any election cycle: the immediate aftermath, in which members of the media and pundits try to guess what will happen next. Most of it is filler and grandstanding. But with the result on Tuesday, we are guaranteed to see some real change in governance.
The results of the 2014 mid-term elections have been discussed ad nauseam, so let’s just keep it brief and note that Republicans will now control both chambers of Congress. As we noted recently, the most prominent change will be in the scrutiny given to the CFPB. That additional scrutiny may lead to changes in the leadership structure of the CFPB – from a single director to a committee of five commissioners – and maybe even the Bureau’s funding source.
But there is little chance the focus of the CFPB will change. And most certainly not for the debt collection industry. No matter how business-friendly a lawmaker claims to be, there is no political will to stop regulating and supervising debt collectors. Besides, the CFPB’s rule proposals for debt collection are coming no matter what as the process is completely independent of Congress.
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