In its Spring Rule Making agenda the Consumer Financial Protection Bureau (CFPB) is honing on debt collection practices. The CFPB has been doing research and outreach to assess issues in various other markets for consumer financial products and services over many months. In November 2013, the CFPB issued an advance notice of proposed rulemaking seeking comment, data, and information from the public about debt collection, which is the single biggest source of complaints to the federal government. The CFPB received more than 23,000 comments in response to the notice, and in its 2014 annual report on Fair Debt Collection Practices Act, reported that it received more than 30,000 consumer complaints in this area.
Consumer Financial Protection Bureau: Honing in on Debt Collection Practices
