Richard P. Eckman Quoted in Bloomberg Article on CFPB Proposal to Oversee Debt Collectors
Friday, February 17, 2012
Pepper partner Richard P. Eckman, the chairman of the firm's Financial Services Practice Group, was quoted in a Feb. 16 article by Bloomberg News on a proposal by the Consumer Financial Protection Bureau to examine the books of debt collectors and consumer reporting businesses as part of its program to supervise non-bank financial companies.
The CFPB proposal would target consumer reporting companies with more than $7 million in annual revenue for supervision, according to the proposal. Mr. Eckman noted that that provision "is clearly an attempt to avoid the SBREFA process on the regulation.” SBREFA is the Small Business Regulatory Enforcement and Flexibility Act, and it requires the CFPB to evaluate the impact of its rulemaking activities on small businesses -- defined as businesses with less than $7 million in annual revenue. Mr. Eckman has written and spoken frequently about the SBREFA requirement; see, for example: "CFPB Issues Regulatory Agenda: Brace for the New Rules and the SBREFA Process."
The full Bloomberg article is available here: >http://www.bloomberg.com/news/2012-02-16/consumer-bureau-to-supervise-debt-collectors.html.