The Consumer Financial Protection Bureau and the Federal Trade Commission, which share enforcement responsibilities under the Fair Debt Collection Practices Act released a joint report on their efforts to combat illegal debt collection practices in 2017.
The rule, an update to the 2016 mortgage servicer rule, is aimed at improving communication between mortgage servicers and consumers in bankruptcy. It goes into effect April 19.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, stated the bureau plans to increase coordination with state attorneys general in enforcing federal consumer financial protection law.
The group of 38 Senators and 75 Representatives, led by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas), filed the brief late last week.
Under former director Richard Cordray, the bureau had originally sought a permanent injunction on the business activities of Golden Valley Lending and three other payday lenders last year.