This story appeared in Bank Digest.
Senator Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, has issued a statement on the Consumer Financial Protection Bureau's initial outline of proposed rules to overhaul the debt collection market. According to Brown's press release, the CFPB's proposal would affect a broad range of industries and would require collection companies to verify debts before contacting consumers, improve the dispute process, and limit the number of times a collector can call or email consumers.
In his statement, Brown said, "Families who are struggling to make ends meet shouldn't be harassed to make payments on debts they've already paid off or never owed in the first place." He also called the CFPB's proposal "an important first step to protecting consumers from predatory debt collectors and making sure this industry operates with clear rules of the road and strong oversight."