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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.
- April 21, 2014April 8, 2014April 3, 2014April 3, 2014April 2, 2014March 21, 2014CFPB Report on Debt Collection Complaints On Thursday, March 20, 2014, the CFPB issued a report outlining numerous unverified consumer complaints it received about the debt collection market. According to the Bureau, as many as one third of consumers who filed complaints on debt collection activities did not owe the debt in question. Other top complaints included use of aggressive communication...