The CFPB has submit to Congress its first annual report summarizing its activities to administer the Fair Debt Collection Practices Act (FDCPA) during the past year. The report had previously been submitted annually by the Federal Trade Commission (FTC) since 1977 but was transferred by the Dodd-Frank Act to the CFPB. Under the Dodd-Frank Act the CFPB has become the primary government responsibility for administering the FDCPA.
The report provides background on the FDCPA and the debt collection market; summarizes the number and types of consumer complaints the FTC received in 2011; describes the CFPB’s supervision program as it relates to debt collection; presents recent developments in FTC law enforcement and the CFPB’s advocacy program; discusses recent research and policy initiatives; and discusses plans for
coordination and cooperation between the CFPB and the FTC in the administration of the FDCPA.
Read the report.