CFPB Considers New Rules, Seeks Public Comment

The Consumer Financial Protection Bureau announced today it is seeking comment from the public about debt collection practices as the bureau considers new rules designed to protect consumers “without imposing unnecessary burdens” on the industry, according to the CFPB.

The CFPB is gathering information from all sources — consumers, advocates and industry representatives — on a range of issues, including the accuracy of information used by debt collectors, how informed consumers are about their rights, and the methods collectors use to recover their debts.

Regarding information accuracy, the CFPB is seeking comments about whether collectors have the correct person, the correct amount and the correct documentation when collecting a debt.

The bureau also wants to know to what degree consumers are aware of their rights and if they know how to dispute a debt or limit communications from collectors.

Finally, the CFPB is seeking feedback regarding how collectors communicate to consumers when collecting a debt and if they are using such methods as texting or social media.

As it considers new rules, the bureau is examining whether collectors are following the guidelines of the Fair Debt Collection Practices Act, and if new regulations are needed. The CFPB’s Advance Notice of Proposed Rulemaking is available here.

We are going to take a closer look at the ANPR during our November 15  webinar Assessing the Impact of the CFPB’s Advance Notice of Proposed Rulemaking. Find out more about the webinar here.  The webinar has been approved for 1.5 hours of DBA International continuing education credits.

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Donald Maurice provides counsel to the financial services industry, successfully litigating matters in the state and federal courts in individual and class actions. He has successfully argued before the Third, Fourth and Eighth Circuit U.S. Courts of Appeals, and has represented the financial services industry before several courts including as counsel for amicus curiae before the United States Supreme Court. He counsels clients in regulatory actions before the CFPB, and other federal and state regulators and in the development and testing of debt collection compliance systems. Don is peer-rated AV by Martindale-Hubbell, the worldwide guide to lawyers. In addition to being a frequent speaker and author on consumer financial services law, he serves as legal counsel to DBA International and as chair of the ABA's Bankruptcy and Debt Collection Subcommittee. He serves on the governing Board of Regents of the American College of Consumer Financial Services Lawyers and on the Governing Committee of the Conference on Consumer Finance Law .