Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following a report published by the Consumer Financial Protection Bureau (CFPB/Bureau), demonstrating that over one-in-four consumers contacted by debt collectors felt threatened. This report is a result of the first-ever national survey of consumer experiences with debt collectors:

“All Americans deserve a financial system that punishes predatory conduct, regardless of whether that conduct involves bad information, harassing contact, or inconvenient phone calls. I applaud the CFPB for engaging in this important research. More importantly, I encourage the Bureau to create a strong debt collection rule that closes existing loopholes in the law and strengthens their initial proposal.

“Without the CFPB and its efforts, many Americans would have no one to turn to for help with the aggressive and harassing tactics of some debt collectors. Despite relentless Republican efforts to undermine the CFPB through misguided attempts to change the Bureau’s leadership, structure, and funding, today’s report, once again, provides clear and convincing evidence that America’s consumers need the CFPB to protect their financial interests.”

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