Walter Zalenski Quoted in Accounts Recovery Article, "Industry Weighs In What CFPB Debt Collection Hearing Means for Proposed Rule"
July 18, 2016
Walter Zalenski was quoted in Mike Gibb's Accounts Recovery article, "Industry Weighs In What CFPB Debt Collection Hearing Means for Proposed Rule," on July 18, 2016.
Is it possible to catch someone off-guard but not catch them by surprise at the same time?
It appears that way, at least in the collection industry. Friday afternoon’s announcement that the Consumer Financial Protection Bureau would hold a field hearing on July 28 to discuss the topic of debt collection shocked many in the industry, but nobody was surprised that the agency is ready to move forward with its proposed debt collection rule.
The CFPB’s process has been to announce a field hearing, and then on the eve of the field hearing, publish a major regulatory initiative.
“There have been a lot of tea leaves to read based on enforcement actions, based on some of the amicus briefs the Bureau has filed, and other things,” said Walter Zalenski, a partner in the law firm of Buckley Sandler. “They’ve been aggressive in the collection space and there’s been a lot of signals. But you never know for sure until (the proposed rule is published in) the federal register. One thing we can say is that the SBREFA outline on payday lending was quite close to the ultimate proposal, so the anticipated release next week will be closely analyzed.”