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)