CFPB Takes Next Step Toward Issuing Debt Collection Rules

Bradley Arant Boult Cummings LLP
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The Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA) consultation process, the CFPB convened a SBREFA panel that met with small entity representatives (SERs) concerning the debt collection proposal on August 25, 2016. The SBREFA panel has 60 days to submit a report on the meeting. However, the final report will not be public until the CFPB issues its proposed rule.

On Tuesday, the CFPB took the next step toward issuing its new debt collection regulations. Specifically, the CFPB published a notice in the Federal Register announcing a meeting of the Community Bank Advisory Council on Thursday, September 29, 2016, from 3:30 to 5:00 p.m. EDT. According to the notice, as well as the agenda published on the CFPB’s website, one of the primary topics for the meeting is a discussion regarding debt collection.

The meeting is open to the public and available via Livestream. Individuals who want to attend the meeting can RSVP and view the agenda here.

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