Prior to issuing a final rule, the CFPB must go through a notice-and-comment rulemaking process. This includes publishing notice of a Proposed Rule in the Federal Register and offering an opportunity for interested parties to provide comment before it can adopt a rule. Below is a list of CFPB rulemakings that are ongoing, but in various stages of the rulemaking process.
Debt Collection Rulemaking
The CFPB continues to move closer to issuing a comprehensive rule to regulate the debt collection industry, an action widely expected to mark the most significant legal change to how debt collection is conducted in the United States since enactment of the Fair Debt Collection Practices Act in 1977.
In November 2013, the CFPB took the first step toward considering rules for the debt collection market by issuing an Advance Notice of Proposed Rulemaking to collect information on the credit and collection industry. In August 2016, the CFPB convened an advocacy review panel under the Small Business Regulatory Enforcement Fairness Act to obtain feedback from small business representatives on its outline of third-party debt collection proposals under consideration. With the SBREFA process concluded, the CFPB is now poised to issue a Proposed Rule to cover third-party debt collection.
Throughout the debt collection rulemaking process, ACA is actively engaged with the CFPB, working hard to ensure that the agency has an accurate and fair understanding of how its proposed policy changes will impact the collection industry.
- ACA’s Comments to the Debt Collection ANPR (Feb. 27, 2014)
- Advance Notice of Proposed Rulemaking on Debt Collection (Nov. 12, 2013)
- News Release Announcing Debt Collection ANPR (Nov. 6, 2013)
- Outline of Debt Collection Proposals under Consideration (July 28, 2016)
- News Release, Debt Collection Field Hearing (July 28, 2016)
- Director Cordray’s Prepared Remarks, Debt Collection Field Hearing (July 28, 2016)
- Summary of the CFPB’s Outline of Proposals Under Consideration for Debt Collection Rulemaking (July 28, 2016)
Debt Collection Consumer Survey Materials
- Report: Consumer Experiences with Debt Collectors (Jan. 2017)
- CFPB Press Release (Jan. 12, 2017)
- Director Cordray's Prepared Remarks (Jan. 12, 2017)
- Blog Post (Jan. 12, 2017)
- ACA's Press Release on CFPB Survey Report (Jan. 12, 2017)
- ACA's White Paper Response to CFPB Survey Report (March 2017)
- ACA's Comments Opposing CFPB's Proposed Consumer Debt Collection Survey (May 2014)
Other Debt Collection Research Materials
- CFPB Proposed Debt Collection Disclosure Survey (June 5, 2017)
- ACA Comments on Debt Collection Disclosure Survey (August 4, 2017)
- Debt Collection Business Practices (November 2016)
- CFPB Study of Third-Party Debt Collection Operations (July 2016)
On May 5, 2016, the CFPB released a Proposed Rule to prohibit the use of class action waivers in pre-dispute arbitration agreements in certain contracts for consumer financial products and services.
In comments submitted on Aug. 22, 2016, ACA urged the CFPB to withdraw the arbitration Proposed Rule and take a more balanced approach that will allow it to achieve the same public policy goals that it purports to achieve through a ban on class action waivers, but in a way that preserves individual arbitration, does not run afoul of explicit congressional directives, and is fair for consumers and compliance-minded businesses.
Notice of Proposed Rulemaking Materials
Arbitration Study Materials
On June 2, 2016, the CFPB released a Proposed Rule which contained complex and onerous requirements related to payday loans, vehicle title loans, and certain high-cost installment loans. Central to the Proposed Rule is the requirement that covered lenders would have to reasonably determine that a consumer will have the ability to repay before making a loan.
Focusing on the flawed process that led to the Proposed Rule, on Oct. 7, 2016, ACA submitted comments urging the CFPB to withdraw the misguided proposal and take appropriate steps to ensure that any new regulations are reflective of operational realities, demonstrate an accurate understanding of consumer need, and adhere to important SBREFA requirements.
Notice of Proposed Rulemaking Materials
- ACA Submits Comments on Payday Lending Rulemaking (October 7, 2016)
- Payday Lending Notice of Proposed Rulemaking (rel. June 2, 2016, Fed. Reg. July 22, 2016)
- Payday Lending RFI (rel. June 2, 2016)
- Fact Sheet on Payday Lending Proposed Rule (June 2, 2016)
- Summary of CFPB Payday Lending Research (June 2, 2016)
- News Release, Payday Lending Field Hearing (June 2, 2016)
- Director Cordray’s Prepared Remarks, Payday Lending Field Hearing (June 2, 2016)
SBREFA Panel Materials
- Final SBREFA Panel Report (June 25, 2015)
- Outline of Payday Lending Proposals (March 26, 2015)
- Payday Lending Small Business Review Panel Discussion Question (March 2015)
- Fact Sheet on Payday Lending Proposals (March 26, 2015)
- News Release, Payday Lending Field Hearing (March 26, 2015)
- Director Cordray’s Prepared Remarks, Payday Lending Field Hearing (March 26, 2015)