John C. Redding Quoted in Auto Finance News Article, “With Mulvaney at the Helm, CFPB Debt Collection Rule Faces Elimination”
Auto Finance NewsJohn C. Redding
John C. Redding was quoted on December 4, 2017 in an Auto Finance News article, “With Mulvaney at the Helm, CFPB Debt Collection Rule Faces Elimination,” which discussed fate of the CFPB’s debt collection rule following the reaffirmation of Mick Mulvaney as interim CFPB director. The article stated, “Former CFPB Director Richard Cordray had announced over the summer that the rule making would be done in two parts, starting with guidance for third parties sometime this quarter or next. However, Mulvaney has already instituted a 30-day moratorium on all rulemaking and hiring at the bureau.”
Redding added, “If the new director decides to move forward with the debt collection rule, he might look to increase the number of times a debt collector can reach out to a borrower. Under the last iteration it was six total contacts in a week, and three to any one number. The rule could clarify some areas of ambiguity, such as, does an answering machine pick-up count as a contact? Does simply connecting with the number count as a contact? Or, do I, in fact, have to reach the person for it to count?”
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