On November 12, 2013, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) seeking comment, data, and information from the public about debt collection practices, and in January 2014, the CFPB extended the comment period to February 28, 2014. The CFPB has indicated that it will move to the next stage in rulemaking in December 2014. While the ANPR is far from a final rule, the ANPR included a number of policy statements and questions that provide insight into the direction the CFPB may be headed when it releases a proposed rule.
Why is the CFPB engaged in a rulemaking?
For the last several years, the Federal Trade Commission (“FTC”) and now the CFPB have reportedly received more consumer complaints about debt collectors than about any other single industry.
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