Congressman Mooney Continues Support for NCBA's Position in Letter to CFPB Director Kraninger

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Yesterday, Congressman Alex Mooney (R-WV) sent a letter to CFPB Director Kathy Kraninger supporting NCBA’s position for the removal of the “Meaningful Attorney Involvement safe harbor” provision in the proposed debt collection rules. In addition to the attention already garnered by Congressman  Mooney’s remarks and question to the CFPB’s Director at the House Financial Services Committee on July 31, 2020, the Congressman put his concerns in writing. As noted in his letter and at the hearing Congressman Mooney succinctly noted, “For hundreds of years attorneys have been regulated and disciplined primarily by state Supreme Courts that license them and by the state court judges and not by federal agencies”.

As part of NCBA's strategy for further engagement with the CFPB on the removal of this flawed provision in the final version of the rules, we will be seeking additional Congressional support on our behalf. Our efforts include this correspondence and calls by Members of the House and key Senators who are members of both the Senate’s Banking and Judiciary Committees. Additionally, with the help of our DC consultants we will continue to discuss this with senior CFPB staff members. There is a small window of opportunity remaining and we are working hard to further bring our issue to the Director’s attention.