Debt Collection Consumer Financial Protection Bureau

News & Analysis as of

Debt Collection on Deck: CFPB Outlines Proposals Under Consideration to Ramp Up Regulation of Debt Collectors

The CFPB recently released an outline of proposals that it is currently considering to overhaul the debt collection market. The proposals under consideration would significantly expand current regulations governing debt...more

CFPB Credit Union Advisory Council to meet Sept. 1

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial...more

GAO issues report on CFPB SBREFA panels

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

FCC Issues Two Key TCPA Orders

In the past two weeks, the Federal Communications Commission (FCC) issued two important orders that modified and clarified the agency’s rules for enforcement of the Telephone Consumer Protection Act (TCPA). Both orders are...more

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

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...more

CFPB Presents Significant New Regulatory Requirements for Third-Party Debt Collectors

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...more

CFPB Official Offers Update and Guidance on Regulations

This morning we attended the meeting of the Financial Services Roundtable’s Consumer Working Group, which featured a presentation by David Silberman, Acting Deputy Director of the Consumer Financial Protection...more

Change Order: The CFPB Previews Its Proposed FDCPA Regulations

The Consumer Financial Protection Bureau (“CFPB”) recently took the next step toward promulgating regulations under the Fair Debt Collection Practices Act (“FDCPA”) by releasing its “Outline of Proposals under Consideration...more

CFPB debt collection proposals would create problematic new substantiation standard

The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several...more

CFPB Considering Debt Collection Reform Proposals

On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt Collection...more

Consumer Financial Protection Bureau Considers Proposal to Overhaul Debt Collection Market

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced that it is considering a proposal that would significantly alter the debt collection industry “by capping collector contact attempts and by helping...more

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

CFPB Opts to Split Debt Collection Rulemaking Process

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a partial outline of debt collection proposals under consideration (“Proposals”), focusing on the third-party debt collection industry. Despite the...more

Third Circuit Remands "Meaningful Attorney Involvement" Decision

The U.S. Court of Appeals for the Third Circuit has vacated the district court's decision in Bock v. Pressler & Pressler, LLP in which the district court ruled that a debt collection law firm violated the Fair Debt Collection...more

Financial Services Weekly News - August 2016

Regulatory Developments - FDIC Seeks Comments on Third-Party Lending Guidance - On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more

The CFPB Issues New Proposals Overhauling The Debt Collection Industry

On Thursday July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released a series of proposals aimed at overhauling the debt collection business. The new proposals require debt collectors to take additional steps...more

CFPB Previews Anticipated Debt Collection Regulations

The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more

The CFPB's Overhaul of Debt Collection Regulation

Yesterday, the CFPB continued its march towards the overhaul of debt collection regulation by releasing its proposals for a new rule. An Advance Notice of Proposed Rulemaking (ANPR) back in November 2013 signaled a lot of...more

Debt-Collection Proposals: CFPB Releases Outline of Proposals for Debt Collectors

The Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposals for addressing its concerns in the debt collection industry yesterday. CFPB Director Richard Cordray acknowledged that the entity’s proposals...more

CFPB Holds Hearing to Present Proposals for Debt Collection Regulation

July 28th, the CFPB held a field hearing in Sacramento, California on debt collection that coincided with its release of an outline of the proposals it is considering in connection with its debt collection rulemaking. In his...more

CFPB Releases Debt Collection Industry Study

On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking....more

CFPB previews debt collection rule in SBREFA outline

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel. The Small Business Regulatory...more

CFPB Unveils Outline for Sweeping Changes to Debt Collection Industry Practice

The Consumer Financial Protection Bureau (“CFPB”) revealed yesterday its proposal to overhaul debt collection industry practices through tighter regulations, including limits on the frequency of consumer contact and ensuring...more

CFPB Previews Debt Collection Rule in SBREFA Outline

The Consumer Financial Protection Bureau (CFPB) has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel....more

CFPB Issues Sweeping and Unprecedented Rulemaking Proposals Seeking to “Drastically Overhaul Debt Collection Market”; Proposals...

Early in the morning on July 28, 2016, in coordination with the Consumer Financial Protection Bureau’s (the “Bureau”) field hearing on debt collection being held the same day in Sacramento, California, the Bureau released a...more

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