Congress Considers Stronger Consumer Protections From Debt Industry Abuse As the Trump CFPB Lays Down on the Job
Will GOP HFSC Members Fight for Consumers — or Their Debt Industry Donors?
WASHINGTON, DC — Consumer watchdog group Allied Progress applauded Chairwoman Maxine Waters’ efforts to expand consumer protections at today’s House Financial Services Committee hearing on abusive and predatory debt collection practices. Congressional action is needed as the Trump-Kraninger CFPB has not only abandoned its responsibilities to protect consumers on this front, it is proposing to make matters worse by allowing debt collectors to harass families with unlimited, unsolicited texts and emails. Allied Progress urged Republican committee members – who’ve collectively taken over $60,000 from the debt collection industry since the 2016 election cycle – to show their independence by working with those focused on doing right by consumers.
“The Trump CFPB is trying to leave families more vulnerable to abuse from ruthless debt collectors and scammers, full stop. Thankfully, many in Congress are ready to do the job the administration walked away from – protecting consumers,” said Jeremy Funk, spokesman for Allied Progress. “Cracking down on consumer mistreatment by the debt industry shouldn’t be a partisan issue. Lawmakers thinking about making it one should first look at the polling showing overwhelming, bipartisan opposition to the Trump debt collection spam plan. Turns out people don’t like the idea of getting umpteen texts and emails a day at all hours from strangers – or being hassled over old ‘zombie’ debts that are illegal to pursue or debts that don’t even belong to them.
Added Funk: “The will of the public is clear: more safeguards from the invasive debt industry, not less. The Trump administration decided to pursue the latter after the industry spent millions lobbying and supporting Republican campaigns. The question is: will members of this committee join Trump in carrying water for their debt industry donors, or listen to their constituents?”
As the CFPB reviews the public comments submitted concerning its debt collection proposal before issuing a final rule, Allied Progress is continuing to encourage concerned consumers to visit www.TrumpSpam.org to send a message directly to Director Kraninger’s public email along with a 10-hour long audio clip of smartphone alert dings and buzzes akin to what millions of consumers can look forward to under her plan.
PREVIOUSLY FROM ALLIED PROGRESS:
- Allied Progress Analysis Finds At Least 1-in-7 CFPB Debt Rule Public Comments Came From Debt Industry Personnel
- New Report Examines the Deconstruction of CFPB’s Debt Collection Rulemaking From the Cordray to Kraninger Era
- Allied Progress Presents CFPB Director Kraninger With the Most Annoying Sound in the World: Endless Phone Dings and Buzzes
- Trump CFPB May Have Just Run Into Major Legal Roadblock Concerning Its Debt Collection Spam Plan
- New Allied Progress Ad Follows the Money, Finds Over 2 Million Reasons Why Debt Collection Industry Getting the Trump Red Carpet Treatment
###