The Consumer Financial Protection Bureau has announced it will allow more time for comments on its Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act. The CFPB has extended the comment period by 30 days to Sept. 18.
Years in the making, if adopted the proposed rules would bring significant changes to the form and manner of consumer debt collection subject to the FDCPA.
According to the CFPB, its proposal “would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and clarify requirements for certain consumer-facing debt collection disclosures.”
Maurice Wutscher continues to provide guidance in interpreting the proposed rules and to those interested in submitting comments. For further information contact Eric Rosenkoetter or Brent Yarborough.