A Senate subcommittee hearing on debt collection laws Wednesday yielded little in the way of new information. But the questions posed to the panelists could indicate the direction one Senator is leaning in considering how to amend the Fair Debt Collection Practices Act (FDCPA).
The hearing, before the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection, was attended mostly by only one Senator: Sherrod Brown (D-Ohio) who organized the session. Sen. Pat Tommey (R-Pa.) joined Brown briefly to ask a question.
The panel consisted of Corey Stone of the Consumer Financial Protection Bureau (CFPB) and Reilly Dolan of the Federal Trade Commission (FTC). In prepared remarks, both outlined their agencies’ powers and previous actions with regard to debt collection and provided a general landscape for the ARM legal and regulatory environment.
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