CFPB Issues Report on Debt Collection – What Does it Reveal?

The Consumer Financial Protection Bureau released a report today outlining its efforts and objectives in regulating, supervising and enforcing against debt collectors. The report is available here. CFPB 2014 on FDCPA

Past CFPB reports have provided guidance on where the bureau might be headed in its regulation, supervision and enforcement efforts. This year’s report is no different. It notes the growth of medical and student loan debt collection. Expect more focus on these sectors right away. In addition the report examines:

  • consumer complaints the CFPB and the Federal Trade Commission have received over the past year
  • their enforcement activities
  • the bureau’s supervision of debt collectors
  • the bureau’s rulemaking, research and policy initiatives

Next week our free webinar will examine the report and what it reveals for fine-tuning your compliance management systems and where the regulators may be headed in their enforcement and supervision efforts.

I have invited some special guests to join me in helping to analyze the report, including Manny Newburger and Eric Rosenkoetter, director of Government Affairs for the National Association or Retail Collection Attorneys. I’ve asked Eric to share some of the data NARCA collected concerning debt collection activity, which paints a very different picture from what the CFPB and FTC have provided. As always, your questions are welcome.

The webinar starts at 2:00 p.m. eastern on March 27.
Eventbrite - The CFPB's Report on Debt Collection

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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 .