CFPB’s Kathy Kraninger on Debt Collection, FDCPA

On Wednesday, the Bipartisan Policy Center hosted Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger in a Keynote Address titled “The Next Phase for CFPB”. In this Video Spotlight, Kraninger spoke on consumer emergency savings issues and how the CFPB is addressing these problems.

Kraninger also discussed rulemaking and guidance in regards to financial services.

“Articulating clear rules for the road for regulated entities will promote competition, increase transparency, and preserve fair markets for financial products and services,” said Kraninger. “When Congress directs the CFPB to promulgate rules or address specific issues to rulemaking, we will comply with the law.”

Additionally, Kraninger talked about the increased technology usage and its impact on debt collectors. Specifically, she discussed how the CFPB plans to address both human and “robocalls” from debt collectors. Noting that the Fair Debt Collection Practices Act (FDCPA) has not been updated since 1977, she proposed updating the Act and its rules to better reflect modern communications technologies in collections activities.

Watch below to hear more from Kraninger’s Keynote Address.