CFPB Prepares Rule for Fair Debt Collection Featured

By Staff Writer May 10, 2019 538

The Consumer Financial Protection Bureau issued a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act (FDCPA).


The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the proposal would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA's passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.


Prior to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress had not delegated to any agency the authority to issue substantive rules to interpret the FDCPA. The Dodd-Frank Act delegated that authority to the Bureau.


The proposed rule can be found at:https://files.consumerfinance.gov/f/documents/cfpb_debt-collection-NPRM.pdf.

Rate this item
(0 votes)
Last modified on Friday, 10 May 2019 12:13