No longer a free hand for vulture funds – Doherty
Sinn Féin Finance spokesperson Pearse Doherty TD has today moved legislation that will regulate vulture funds. The Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2017 was moved by Deputy Doherty today and will subject vulture funds to regulation for the first time.
Deputy Doherty said:
“Today, I am moving this Bill which seeks to regulate the owners that are buying up much of the credit in the country. The half-hearted approach of regulating the middle man has not been enough.
“In the past few years, banks have sold on the debts and mortgages of homeowners, small businesses, and farmers to unregulated vulture funds.
“The vultures are wreaking havoc on our economy and communities. The policy of empowering them must be stopped.
“There is still no regulation in place for the actual owners of the credit. The companies they appoint to deal with consumers are regulated but that approach has been criticised by the Central Bank and has proven inadequate as Sinn Fein said it would.
“Today, I am moving this Bill which seeks to regulate the owners that are buying up much of the credit in the country.
“I hope this Bill can win cross-party support and that it will send out a message that there will no longer be a free hand for vulture funds.”