The Consumer Financial Protection Bureau today finalized the second part of its debt collection rule, which covers disclosures that debt collectors must provide to consumers pursuant to the Fair Debt Collection Practices Act.
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The CFPB today published a portion of its long-awaited Fair Debt Collection Practices Act rulemaking to modernize and clarify rules around third-party debt collection.
In a comment letter filed today, ABA urged the CFPB to adopt more accurate and easily understandable disclosures related to time-barred debt–which is debt that has run past any applicable statue of limitations.
A new report from the CFPB found “substantial changes in debt settlement activities over the last 13 years,” likely driven by market share increases among debt settlement companies.
The Consumer Financial Protection Bureau this week announced updates to its rulemaking agenda. Items on the agenda and their associated timelines were submitted to the Office of Management and Budget in early March, prior to the outbreak of the coronavirus and the subsequent economic downturn.
The CFPB last week announced that it will extend until June 5 the comment deadline for its proposal on time-barred debt disclosures.
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 Consumer Financial Protection Bureau today published a supplement to its spring 2019 notice of proposed rulemaking on third-party debt collection.
In a comment letter to the Consumer Financial Protection Bureau today, The American Bankers Association offered feedback on a long-awaited proposed rule that would modernize and clarify rules related to third-party debt collection.
A report issued today by the Consumer Financial Protection Bureau found that 28% of consumers have at least one debt in collections by a third-party debt collector.