CFPB Issues FDCPA and UDAAP Guidance for Creditors and Their Service Providers

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On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two Bulletins that address debt collection practices. The first Bulletin, CFPB Bulletin 2013-07, discusses acts or practices that could potentially constitute an unfair, deceptive or abusive act or practice (UDAAP) in violation of the UDAAP provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The second Bulletin, CFPB Bulletin 2013-08, addresses representations regarding the effect that debt payments may have on a consumer’s credit report, credit score or creditworthiness and sets forth the CFPB’s supervisory expectations on these issues.

The Bulletins were accompanied by a set of form letters intended for consumers to use when communicating with debt collectors, and they also coincide with a field hearing in Maine on debt collection that marks the CFPB’s acceptance of debt collection complaints through its consumer response system. This alert focuses on the two Bulletins.

Please see full alert below for more information.

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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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