CFPB Extends Comment Period for Advance Notice of Proposed Rulemaking on Debt Collection Rules

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Explore:  CFPB Debt Collection

The CFPB extended the comment period for the Advanced Notice of Proposed Rulemaking regarding debt collection practices that was previously issued in November 2013 (see November 12, 2013 Alert) in order to allow more time for interested persons to respond to the ANPR. The original comment period was set to end on February 10, and now will end February 28, 2014. The extension comes after the CFPB received several formal requests from industry trade groups, in addition to other informal requests from other stakeholders. Though the CFPB considers this “the first of what [it] expects to be many opportunities for public input over time,” it granted the extension to allow responders more time to consider the issues raised in the ANPR.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  CFPB, Debt Collection

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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