One Step Closer to Rulemaking: CFPB Releases Annual Report on FDCPA

Report states Notice of Proposed Rulemaking on debt collection continues to be expected in spring 2019.

3/20/2019 3:00 PM

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One Step Closer to Rulemaking: CFPB Releases Annual Report on FDCPA

The Consumer Financial Protection Bureau is continuing on its spring 2019 timeline for the Notice of Proposed Rulemaking on debt collection, announced in its annual report to Congress on administration of the Fair Debt Collection Practices Act Wednesday afternoon.

“In the report, the bureau states its intent to issue a Notice of Proposed Rulemaking (NPRM) on debt collection that will address issues ranging from communication practices to consumer disclosures,” according to a news release from the CFPB.

The report states the NPRM is expected in spring 2019.

The report is released in partnership with the Federal Trade Commission after the two agencies reauthorized their memorandum of understanding in February that provides for coordination in enforcement, sharing of supervisory information and consumer complaints on consumer education.

In addition to discussing the CFPB and FTC’s debt collection research and rulemaking activities, the report provides background on the debt collection market, an overview of consumer complaints, supervisory activities, enforcement actions, consumer education and outreach.

The report details efforts to stop unlawful debt collection practices, including through law enforcement, education and public outreach and policy initiatives.

Like previous versions, the report is comprehensive, touching on a multitude of debt collection-related efforts and initiatives that occurred in the last year.

It also provides a recap of continued research projects and market monitoring and outreach activities to improve its understanding of the debt collection market, and to better understand the benefits, costs and impacts of potential rules, including a report on collecting telecommunication debt, which have aided in the ongoing development of a potential debt collection rule.

As ACA International continues to prepare for the proposed FDCPA rule, it’s clear based on the recent report that the rule’s release is a matter of when, not if. Listen to commentary on the pending rule from ACA International experts on ACA Cast. ACA continues to advocate for clarity when it comes to addressing gray areas that have emerged over the years due to advancing technology and other issues.

ACA International is reviewing the full report and will provide any additional relevant industry updates in ACA Daily.

Related Content from ACA International:

ACA Cast: Experts Discuss CFPB Rulemaking

CFPB’s Seventh Annual Report to Congress Focuses on Partnership with FTC


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

One Step Closer to Rulemaking: CFPB Releases Annual Report on FDCPA

The Consumer Financial Protection Bureau is continuing on its spring 2019 timeline for the Notice of Proposed Rulemaking on debt collection, announced in its annual report to Congress on administration of the Fair Debt Collection Practices Act Wednesday afternoon.

“In the report, the bureau states its intent to issue a Notice of Proposed Rulemaking (NPRM) on debt collection that will address issues ranging from communication practices to consumer disclosures,” according to a news release from the CFPB.

The report states the NPRM is expected in spring 2019.

The report is released in partnership with the Federal Trade Commission after the two agencies reauthorized their memorandum of understanding in February that provides for coordination in enforcement, sharing of supervisory information and consumer complaints on consumer education.

In addition to discussing the CFPB and FTC’s debt collection research and rulemaking activities, the report provides background on the debt collection market, an overview of consumer complaints, supervisory activities, enforcement actions, consumer education and outreach.

The report details efforts to stop unlawful debt collection practices, including through law enforcement, education and public outreach and policy initiatives.

Like previous versions, the report is comprehensive, touching on a multitude of debt collection-related efforts and initiatives that occurred in the last year.

It also provides a recap of continued research projects and market monitoring and outreach activities to improve its understanding of the debt collection market, and to better understand the benefits, costs and impacts of potential rules, including a report on collecting telecommunication debt, which have aided in the ongoing development of a potential debt collection rule.

As ACA International continues to prepare for the proposed FDCPA rule, it’s clear based on the recent report that the rule’s release is a matter of when, not if. Listen to commentary on the pending rule from ACA International experts on ACA Cast. ACA continues to advocate for clarity when it comes to addressing gray areas that have emerged over the years due to advancing technology and other issues.

ACA International is reviewing the full report and will provide any additional relevant industry updates in ACA Daily.

Related Content from ACA International:

ACA Cast: Experts Discuss CFPB Rulemaking

CFPB’s Seventh Annual Report to Congress Focuses on Partnership with FTC


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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