CFPB Final Rule on Debt Collection Expected This Year

After a proposal last year that generated 14,000 comments, the Consumer Financial Protection Bureau expects to issue a final rule this year to address a number of issues related to debt collection, including communication practices and consumer disclosures, according to its annual report to Congress on the Fair Debt Collection Practices Act released today.

The report—which summarizes efforts by the CFPB and the Federal Trade Commission to enforce the FDCPA and educate consumers about debt collection—noted that the bureau fielded more than 75,000 complaints from consumers about first- and third-party debt collectors in 2019, down from 81,000 in 2018, and engaged in five public enforcement actions arising from alleged FDCPA violations.