The Consumer Financial Protection Bureau, under President Trump, already has moved to make life easier for payday lenders. It’s expected any day now to do the same for debt collectors.
The bureau will unveil proposed rule changes that are likely to include explicit permission for debt collectors to contact people via text and email (and maybe social media).
The new rules also may provide greater latitude for bothering people by phone and limits on people’s ability to challenge financial obligations.
In other words, more rights for debt collectors, fewer rights for consumers.
“The agency that Congress created to look out for consumers is now looking out for debt collectors and payday lenders,” said Chris Peterson, director of financial services for the Consumer Federation of America.