CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

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On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of a panel pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA), from which the CFPB will seek and receive input related to its proposals.

The outline and proposals are extensive and would represent a comprehensive reframing of debt collection practices under the Fair Debt Collections Practice Act of 1977 (FDCPA). Stinson Leonard Street’s August 10, 2016 article provides a general overview of many of the key proposals as well as a few issues that would be generated by these proposals, should they be adopted and finalized as rules.

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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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