U.S. consumer watchdog signals debt collection rules to come

U.S. consumer watchdog signals debt collection rules to come

STEPHANIE KEITH

Almost a third of consumer complaints to the CFPB have been tied to debt collectors, and those concerns deserve attention, Mick Mulvaney, President Donald Trump's pick to lead the CFPB, wrote in the Wall Street Journal.

"We will be prioritizing," Mulvaney wrote about how debt collection concerns are a persistent area of consumer concern.

Mulvaney is Trump's budget chief but has been leading the CFPB on a temporary basis since late November. Under his leadership, Mulvany said, industry will have a voice.

"We work for the people. That means everyone: Those who use credit cards and those who provide the credit," he wrote.

The CFPB was created to stamp out exploitative loans, but the agency also can be too concerned with punishing industry, wrote Mulvaney.

(Reporting By Patrick Rucker; Editing by Cynthia Osterman)

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