Debt Collection Comment Deadline Extended to September 18

The Consumer Financial Protection Bureau (CFPB) has extended the comment period for its proposal on debt collection to September 18, from the original August 19 deadline. According to the CFPB, this will allow “interested persons more time to consider and submit their comments.”

The CFPB issued proposed amendments to Regulation F (which implements the Fair Debt Collection Practices Act) to prescribe federal rules governing the activities of “debt collectors” as defined in the statute.

A CFPB report on third-party debt collection released July 18 found that that 28 percent of consumers from a nationally represented sample of approximately 5 million de-identified credit records maintained by one of the three nationwide credit reporting companies had at least one debt in collection with a third-party. However, more than three-fourths of third-party collections are for non-financial debt such as medical, telecommunications or utilities debt.