We find that the CFPB is currently structured to collect complaints from consumers and investigate them. To ensure these investigations are done in a fair, unbiased way we propose modifying this structure by adding provisions for falsification of reports. In addition, modern methods of communication such as texting or social media should be included so there can be an easier flow between consumer and collector (FDCPA). Finally any contradictions found within collections law need clarified to help collectors avoid making difficult decisions on who they have cases against.
Reform the Consumer Board
Ensure the CFPB only handles legitimate complaints, requiring complaints and responses to be submitted via affidavit to discourage false reports and elevate falsification to perjury.
Modernize the FDCPA
Update the Fair Debt Collection Practices Act to encompass modern communication methods like text, social media, email, and cell phone usage.
Resolve Legal Contradictions in Collections
Clarify existing laws to eliminate contradictions, ensuring debt collectors don't have to choose between potential violations during legitimate engagements with debtors.
Amend the TCPA for Debt Collectors
Modify the Telephone Consumer Protection Act to clearly allow automated calls to cell phones by legitimate debt collectors about existing debts.
Overhaul the TCPA
Completely rewrite the TCPA with consideration for current technologies and communication platforms.
Update the FDCPA for Modern Workplaces
Adapt the FDCPA to support information security measures suitable for modern business practices, including telework, to not disadvantage small or remote businesses.
Simplify Small Business Taxation
Simplify tax regulations to reduce burdens on small businesses and close loopholes that disproportionately benefit larger companies.
Regulate Debt Buying and Selling
Loosen regulations on the buying and selling of debt while increasing penalties for creditors and imposters involved in identity theft and fabricating debts.
Conclusion: The Consumer Financial Protection Bureau (CFPB) is currently structured to collect complaints from consumers and investigate them. To ensure these investigations are done in a fair, unbiased way we propose modifying this structure by adding provisions for falsification of reports. In addition, modern methods of communication such as texting or social media should be included so there can be an easier flow between consumer and collector (FDCPA). Finally any contradictions found within collections law need clarified to help collectors avoid making difficult decisions on who they have cases against. Reach out if you would like more information about the changes that might take place with the CFPB's current setup!