News & Events
Regulation by Enforcement: The Impact of Consent Orders
Location: The Cosmopolitan, Las Vegas, NV
Date: October 28, 2015
In this panel discussion at NARCA, the National Creditors Bar Association, Katrina Christakis examines the use of consent orders as a means of regulating the collection industry.
The CFPB’s wave of recent consent orders impose numerous compliance challenges on creditors, debt buyers and collection law firms. Although supposedly limited to their facts (and often the result
of intense pressure on targets to settle), consent orders are intended as guides to all participants in
the marketplace. These unwritten “rules” relate to data integrity, dispute handling, affidavit accuracy
and the “meaningful involvement” of attorneys. It is clear that the CFPB expects both law firms and
clients to share these compliance responsibilities. In this session, the Chief Compliance Officer of a
major debt buyer and two defense attorneys will discuss what the CFPB expects from law firms, and how you can work with your clients as part of being “meaningfully involved” in the collection of accounts.