The CFPB has taken the first step towards considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), the CFPB is collecting information on a wide array of issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts. The Bureau also announced that it will begin adding consumer complaints about debt collections to its public Consumer Complaint Database.
The main law that governs the debt collection industry and protects consumers is the 1977 Fair Debt Collection Practices Act (FDCPA). The Dodd-Frank Act revised the FDCPA, making the CFPB the first agency with the power to issue substantive rules under the statute.
Read the ANPR.