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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...March 18, 2014RE: Request for Information, National Technical Information Service, U.S. Department of Commerce, Docket Number: [140205103-4103-01] Dear Mr. Hounsell: The Consumer Bankers Association (CBA) appreciates the opportunity to comment on the National Technical Information Service’s (NTIS) Request for Information (RFI) seeking public comments regarding the establishment of an NTIS certification program...February 28, 2014Re: Advance Notice of Proposed Rulemaking on Debt Collection Practices; Docket No. CFPB-2013-0033, RIN 3170-AA41 Dear Ms. Jackson: The American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable (collectively, the Associations) appreciate the opportunity to comment on the Consumer Financial Protection Bureau’s (Bureau) advance notice of proposed...November 8, 2013CFPB Issues ANPR on Debt Collection On Tuesday, November 6, 2013, the CFPB released an Advanced Notice of Proposed Rulemaking (ANPR) to gather information about the debt collection system. The ANPR follows a joint Federal Trade Commission-CFPB industry roundtable held in June 2013 and a field hearing in July 2013, where the Bureau first expressed its intent to issue regulations related to debt...October 18, 2013CFPB Issues Bulletin, Interim Rules to Clarify Mortgage Servicing Requirements On Tuesday, October 15, 2013, the CFPB released a bulletin and interim final rule providing additional guidance on the mortgage servicing rules issued in January. The guidance addresses several issues, such as communications with family members of deceased barrowers, contact with delinquent borrowers, and the treatment...