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CFPB Deputy Associate Director Dan Sokolov Address at NCBA Conference

News ,

Thank you, all, for joining us in Orlando last week. You made the NCBA 2021 Spring Conference a great success. From the opportunity to see you all in person, to the outstanding speakers and creditors rights' specific education, to the golf tournament, outdoor receptions and more, there were many highlights. One of those highlights includes our discussion with CFPB Deputy Associate Director of Research, Markets, & Regulation, Dan Sokolov led by NCBA’s Executive Director Liz Terry.

During the presentation, Deputy Associate Director Sokolov lauded NCBA’s engagement with the CFPB and outlined the Bureau’s priorities and approach to supervision and enforcement changes under new leadership. Other items addressed were the Bureau’s proposal to extend the effective date of the debt collection rules, the Hunstein Case, and the consumer complaint portal. Deputy Associate Director Sokolov was kind enough to let us know that the Bureau will be focusing heavily on data driven consumer protection and compliance. He further noted that the proposal to extend the debt collection rule’s effective date is to allow regulated entities sufficient time to implement the Rule. While we were hoping for some insight on the Bureau's position regarding the Hunstein decision, unfortunately he could not comment on the Bureau’s position other than to say the Bureau is aware and monitoring the situation. 

Following the discussion, a panel of industry experts explored what we heard, what may have been omitted, and what to expect from the CFPB for the rest of 2021 and beyond. 

The panel consisted of Leslie Bender of Clark Hill; Manny Newburger of Barron & Newburger; Dave Schultz of Hinshaw & Culbertson LLP and moderated by NCBA's Government Affairs Officer Nathan Willner. The panelists were sure to point out that they foresaw a much more aggressive CFPB going forward. Panelists thought that the Bureau should, or at least could, take a more proactive role on Hunstein by either issuing a clarifying emergency rule or file their own Amicus in the case. The Panel also addressed the accuracy and usefulness of the data compiled in the complaint data base and finally, as the Bureau has placed increased focus on Diversity, Equity, and Inclusion (DEI), the challenges DEI regulation may present for creditors rights firms and debt collection in general.

This session was yet another example of NCBA’s working relationship and increased engagement with the CFPB over the past years. By providing a voice for our members we can tell our story and ensure that we highlight the compliance, professionalism, and dedication of our law firm members.