CFPB Civil Investigative Demands Scorch Debt Industry: What Your Company Needs to Know Today ("The Debt Collection Drill")
The Consumer Financial Protection Bureau (CFPB) recently began a more aggressive approach to the debt industry, bypassing the larger market participant examination process and issuing Civil Investigative Demands (CIDs) to a number of debt collectors directed at specific complaints and alleged practices. In a special episode of The Debt Collection Drill, John Rossman hosts special guest, attorney Mark Peterson. Mark was a shareholder with Moss & Barnett and has experience in assisting members of the debt industry in responding to CIDs. During the podcast, John and Mark explain the CID process, what a company should expect when a CID is received – including the cost of defending – and the difficulties with a CFPB hearing.