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CBA responded to the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) on debt collections. In its notice, the Bureau cites it is the first agency with the authority to issue substantive rules under the Fair Debt Collection Practices Act (FDCPA), a law governing the practices of third-party collectors and debt buyers. The Bureau may address first-party debt collection activities under its unfair, deceptive and abusive practices (UDAAP) authority. The ANPR is the Bureau’s initial step towards issuing new rules regulating the relationship between creditors, third-party debt collectors and consumers.
- December 8, 2014December 4, 2014November 7, 2014CFPB Issues Report on Seniors and Debt Collection Complaints On Wednesday, November 5, 2015, the CFPB released a report highlighting debt collection as the chief complaints received from older Americans. "It is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts," said CFPB Director Richard...November 2, 2014August 29, 2014CFPB to hold Auto Finance Field Hearing On Thursday, August 28, 2014, the CFPB announced it will host a field hearing focused on auto finance on Thursday, September 18, 2014, in Indianapolis, IN. CFPB Director Richard Cordray will make remarks, and consumer groups, industry representatives, and members of the public will also participate. The hearing is open to the public, but RSVP is required...August 22, 2014RE: Information Collection – Debt Collection Survey from the Consumer Credit Panel, OMB Control Number 3170-XXXX [Docket No: CFPB-2014-0017] Dear Mr. Vasan: The Consumer Bankers Association (“CBA”) appreciates the opportunity to respond to the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) second request for comments on its proposed “plans to conduct a mail survey of consumers to...August 21, 2014August 8, 2014CFPB Asks about Agreements with Financial Institutions On Wednesday, August 6, 2014, the CFPB sent a letter to the 14 "Big Ten" universities urging them to disclose their agreements with financial institutions which result in providing financial products to students on campus. According to a Bureau blog post , The letter was sent to follow up an effort the CFPB began in 2013 to collect...May 19, 2014May 7, 2014RE: Information Collection – Debt Collection Survey from the Consumer Credit Panel, OMB Control Number: 3170-XXXX, [Docket No: CFPB-2014-0005] Dear Mr. Vasan: The Consumer Bankers Association (“CBA”) appreciates the opportunity to respond to the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) request for comments on its proposed “mail survey of consumers to learn about their...