Last week on May 24, 2019, Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a calendar of June hearings. The calendar includes a hearing on June 25 at 10:00 AM Eastern entitled, “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices.” The hearing will be broadcast live on the Committee’s website. [Update 6/24/2019: As of today, this meeting is no longer on the House Financial Services Committee's calendar.]
The calendar does not state what specific legislation the Committee will discuss, but this hearing comes on the heels of two activities in Washington related to debt collection and the Consumer Financial Protection Bureau (CFPB), which is one of the main regulators for the industry. First, the House of Representatives passed the Consumers First Act last week. The purpose of this Act is to “block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau.” Second, the CFPB released the long-awaited Notice of Proposed Rulemaking for debt collection earlier this month.
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