Hello, Waywiser. Welcome to RegulationRoom. If consumers were able to upload their documents on the creditor's or collector's website, how could that information be shared with others in the debt collection industry (for example, if the individual collector sells the debt)? Additionally, how long should a collector have to view the uploaded document before it is fined?
Although I don’t think that it is necessary for the CFPB to have undercover agents, I do think that the CFPB should create a new class of examiners. Currently the CFPB examiners only do examinations of the financial lenders and nonbank lenders. But since the CFPB is now taking on the collection industry, the CFPB should create a new classification of examiners to do onsite examinations of the debt collection companies. This would not create any harm to the CFPB nor would it impact the CFPB’s budget or operations. The CFPB’s budget is not allocated through congressional legislation – it is allocated through monetary transfers from the Federal Reserve. All the CFPB would need to do is ask for additional transfers from the Federal Reserve to create this new classification of examiners.
These new examiners would help the CFPB monitor the debt collection industry and would help stimulate the economy by adding more jobs. This is a win-win solution.
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Hello, Waywiser. Welcome to RegulationRoom. If consumers were able to upload their documents on the creditor's or collector's website, how could that information be shared with others in the debt collection industry (for example, if the individual collector sells the debt)? Additionally, how long should a collector have to view the uploaded document before it is fined?
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stopwithspoofedcallerID
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Although I don’t think that it is necessary for the CFPB to have undercover agents, I do think that the CFPB should create a new class of examiners. Currently the CFPB examiners only do examinations of the financial lenders and nonbank lenders. But since the CFPB is now taking on the collection industry, the CFPB should create a new classification of examiners to do onsite examinations of the debt collection companies. This would not create any harm to the CFPB nor would it impact the CFPB’s budget or operations. The CFPB’s budget is not allocated through congressional legislation – it is allocated through monetary transfers from the Federal Reserve. All the CFPB would need to do is ask for additional transfers from the Federal Reserve to create this new classification of examiners. These new examiners would help the CFPB monitor the debt collection industry and would help stimulate the economy by adding more jobs. This is a win-win solution.
View this comment in the discussion thread