Washington, D.C. – Dennis M. Kelleher, President and CEO of Better Markets, issued the following statement with the filing of a comment letter on the Consumer Financial Protection Bureau’s (“CFPB’s”) proposed rules implementing the Fair Debt Collection Practices Act:
“Almost all Americans pay their debts and most of those who don’t are facing circumstances beyond their control like unemployment, a medical calamity, and other usually tragic occurrences. Congress enacted the Fair Debt Collection Practices Act (“FDCPA”) to protect those vulnerable Americans from shocking, egregious, and abusive practices by the debt collection industry: calling homes repeatedly day and night; calling employers to get people fired; calling friends, neighbors, and relatives to embarrass people; and generally harassing people nonstop to boost their profits. The list of horror stories is long and revolting.
“The CFPB is now charged with implementing and enforcing the FDCPA and it must be guided by Congress’s clear and unequivocal objective to protect consumers not the debt collection industry. It must strongly and clearly regulate a business model that is embedded with incentives to pursue debtors ruthlessly using abusive tactics.
“The CFPB has proposed a rule to implement the provisions of the FDCPA. While it has a few modest consumer protections in it, the proposal also opens too many loopholes and ambiguities that will enable debt collectors to once again engage in too many near-abusive or outright abusive practices. For example, as we detailed in our comment letter, the proposal allows too many communications with debtors, essentially amounting to legalized harassment, and it would create an escape hatch from liability when debt collectors file lawsuits to collect on debts that are actually time-barred under the law.
“The CFPB must finalize a rule consistent with the letter and spirit of the FDCPA, which means it must put consumer interests over debt collectors and meaningfully constrain their impulse to engage in abusive but highly profitable practices.”
###
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our new GiveSendGo. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Truth Based Media
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.
