CFPB: A Debt Collection Proposal is Coming

The Consumer Financial Protection Bureau (CFPB) indicated in its report on administration of the Fair Debt Collection Practices Act that the Bureau intends to issue a proposed rule on debt collection.

According to the agency, it will address communications practices and consumer disclosures relating to the collecting of debts. CUNA has written letters and held in-person meetings with CFPB staff including Director Kathy Kraninger, and has requested a debt collection rulemaking focus on practices of third-party debt collectors, which have been the subject of more frequent consumer complaints.

“The Bureau’s rule-making in this area should be reasonable and tailored to mitigate any potential indirect impacts on credit unions and other lenders,” CUNA wrote in a letter to Kraninger shortly after she was confirmed.

To access the full report, click here.

For compliance and audit solutions, contact NJCUL’s Nicola Foggie at nfoggie@njcul.org.