President Maxine Waters urges Biden to rescind CFPB debt collection rule

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On Friday, Rep. Maxine Waters (D-CA-43) — the chair of the House Financial Services Committee — sent a letter to President-elect Biden urging him and Vice President-elect Harris to cancel the final recently released from the Consumer Financial Protection Bureau. debt collection rule and to take several other measures.

The 45-page letter covers a wide range of topics. Under the theme of protecting consumers during the COVID-19 pandemic, the letter says Biden should fire Director Kathy Kraninger and put in place a Bureau leadership that would “aggressively protect consumers.” Specifically related to debt collection, the letter states:

  • The CFPB should repeal a recent rule that would allow debt collectors to harass consumers via email or text, and instead strengthen consumer protections against abusive debt collection practices.
  • Issue a presidential executive order directing the Treasury and other agencies to immediately suspend the collection of debts owed by consumers to the federal government until the end of the pandemic.

The letter also urges Biden to take a strong stance in promoting diversity and inclusion in the financial services industry as well as in industry regulators. In support of this, the letter suggests that the new administration:

Requiring public companies and regulated entities to disclose the diversity of their boards of directors, including endorsing proposals by national stock exchanges to amend their listing standards to require such disclosure, as well as setting minimum levels of diversity within the boards of directors.

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