CFPB Sets Sights on Debt Collectors, Expands Complaint Database

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If the CFPB has been getting complaints “For Decades” doesn’t it seem that they would have taken a look and possible reform years ago. Is this an indication of just how much the lobbers for the collection industry really influence the government? For a more detailed look at this subject – please read the article below.

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The Consumer Financial Protection Bureau (CFPB) is taking major steps toward considering consumer protection rules for the debt collection market.

Through an Advance Notice of Proposed Rulemaking (ANPR) issued Wednesday, the bureau is gathering information on a wide array of issues related to debt collection practices, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts.

“For decades, many consumers have reported various unacceptable practices in the debt collection industry. Today’s action will allow us to hear from the public as we consider what rules are needed,” said Richard Cordray, director of the CFPB. “We want to ensure that all players in the industry are working with correct information, that consumers are fully informed, and that consumers are treated fairly and with dignity.”

There are many players in the multi-billion dollar debt collection market, including banks, other original creditors, and third-party debt collectors hired to work on behalf of the original creditors. It is estimated that there are more than 4,500 debt collection firms in the United States.

The main law that governs the industry and protects consumers is the 1977 Fair Debt Collection Practices Act (FDCPA). In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act revised the FDCPA, making the bureau the first agency with the power to issue substantive rules under the statute.

To read the complete article – please use the link below.

Complaint Database

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