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Wednesday, August 20, 2014

ABA Opposes CFPB Debt Collection Study

ABA urged the Office of Management and Budget not to approve the CFPB’s proposed consumer survey on debt collection. The bureau’s revised request to conduct the survey failed to respond to comments on its first request.

In May, ABA highlighted several methodological and design flaws in the survey — for example, failing to distinguish between experiences with first-party and third-party debt collectors and insufficient management of response bias — but the CFPB responded “only perfunctorily” to feedback from ABA and other groups, the association said. ABA wrote:

The information collection request the bureau has submitted demonstrates a troubling lack of commitment to transparency, public participation, and collaboration. As a consequence, the impact of potential sources of error very likely will be under-disclosed and under-reported.

Read ABA’s letter.

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