The CFPB has presented an annual report to Congress on the Fair Debt Collection Practices Act (FDCPA.)
Under the CFPB’s recently adopted large participant rule, any firm with more than $10 million in annual receipts from consumer debt collection activities is now subject to CFPB supervisory authority. According to the CFPB, this new authority extends to about 175 debt collectors, which accounts for over 60 % of the industry’s annual receipts in the consumer debt collection market.
The report, among other topics, summarized the number and types of consumer complaints regarding debt collection received by the FTC; describes the CFPB’s supervision program as it relates to debt collection; presents recent law enforcement and advocacy program developments; and discusses recent research and policy initiatives.
Read the report.