To improve the quality of information exchanged between financial entities and third-party debt collectors, the Treasury provided a host of regulatory actions for the Consumer Financial Protection Bureau (CFPB) and other federal agencies to consider in its recent report titled “A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation.”
In addition to rulemaking and guidance activities, the department’s recommendations also involve reforms to the Telephone Consumer Protection Act (TCPA) and related actions by the Federal Communications Commission (FCC) to facilitate better data aggregation practices.
Find out what actions the Treasury is recommending various parties take to accomplish the aforementioned objectives.