As Government Shutdown Looms, CFPB Stays Above Water

Bad news for Congressional Republicans: As the clock ticks toward a potential government shutdown at midnight, it looks like they still won’t be able to shut down the Consumer Financial Protection Bureau, a goal they’ve had since its inception.

Since the CFPB gets its money from the Federal Reserve, it would remain open even if the government shuts down. But Republicans have called – unsuccessfully –  for the CFPB to be subject to the congressional appropriations process. This week, House Republicans even put together a plan that would make raising the debt ceiling contingent on a GOP wish list of items, including giving Congress the authority to slash funding for the CFPB.

Since it doesn’t look like the CFPB is going anywhere anytime soon, now is the time for collection agencies to understand the Bureau’s strategy for interacting with consumers to tackle bad practices. InsideARM’s CFPB’s Advice to the Consumer has the latest answers from the CFPB to consumer questions about debt collection. Use this guide to:

• Enhance your collector training program.
• Review these responses with your compliance program in mind. Do your training, operational, and on-going audit procedures address all of the relevant matters addressed in the Q&A?
• Provide a resource on your website that mirrors/references the CFPB, showing the public that you are on board with consumer protection.