CFPB Proposal to Overhaul Debt Collection Market

The Consumer Financial Protection Bureau has offered new rules to eliminate the often problematic practices carried out by the debt collection industry. The following CFPB resources includes a report detailing the industry and the scope of the proposals under consideration, including rules pertaining to collection practices.

• Press Release, Consumer Financial Protection Bureau, Consumer Financial Protection Bureau Considers Proposal to Overhaul Debt Collection Market (July 28 2016).
   
• Proposed Rulemaking Report, Consumer Financial Protection Bureau (July 28, 2016).
   
• Study of third-party debt collection operations, Consumer Financial Protection Bureau (July 2016).
   
• Stacey Cowley, Debt Collectors’ Abuses Prompt Consumer Agency to Propose New Rules, New York Times (July 28, 2016).