The Consumer Financial Protection Bureau (CFPB) recently released a 114-page Advance Notice of Rulemaking seeking comment, data, and information about debt collection practices affecting consumers. The notice discusses the federal Fair Debt Collection Practices Act (FDCPA), a law which governs the collection of consumer debts by third parties. The Bureau expects to "address concerns relate to debt collection using its authority under the Dodd-Frank Act to issue regulations concerning unfair, deceptive, and abusive acts or practices and to establish disclosures to assist consumers in understanding the cost, benefits, and risks associated with consumer financial products and services."
The Bureau is now seeking answers to the 162 questions posed in the Advance Notice. The questions tend to suggest that upcoming new requirements will be imposed on consumer debt collectors, including original creditors collecting their own delinquent debts.
Source: Sherman & Howard, LLC, JD SUPRA BUSINESS ADVISOR: CONSUMER DEBT COLLECTION
(December 12, 2013),http://www.jdsupra.com/legalnews/consumer-debt-collection-58060/.
