Credit & Debt Collections
1. Remove or restructure the consumer board. If the CFPB remains intact, it must be modified so that only legitimate complaints are allowed (and investigated), with repercussions against consumers for filing knowingly false reports. Complaints and responses should be at the affidavit level so that any falsification rises to the level of perjury.
2. Rewrite the FDCPA so that it meets modern methods of communication including text, social media, email, and cell phone contact.
3. Clarify any and all contradictions in collections law so that collectors are not forced to choose between two violations in legitimate contact with legitimate debtors. A trade-off here would be that all levels of the law would be clear and distinct with no contradictory action, and an increase in penalties for violators.
4. Rewrite the TCPA debt collectors have pre-existing relationships with debtors, and an automated call to a cell phone from a legitimate debt collector regarding a legitimate debt is explicitly allowed by the TCPA.
5. As with the FDCPA, the TCPA may need to be re-written from scratch with modern technology and communication in mind.
6. Update the FDCPA so that it allows for information security methods to be adaptable for modern business practices, such as telework. Currently, it favors large businesses with a physical location and localized server systems.
7. Generally simplify and reduce the tax burden on small businesses. Too often loopholes and tax breaks favor larger businesses and allow them more control over a single industry, hampering small business operations.
8. Loosen regulations in buying and selling of debt, and increase penalties for creditors and fake collectors stealing information for identity theft and false debts.
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