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CFPB launches debt collection rulemaking process

Posted in Debt Collection

Just after midnight last night, the CFPB took a significant step towards the issuance of debt collection regulations by releasing an Advance Notice of Proposed Rulemaking (ANPR).  The ANPR seeks comment on an array of issues relating to the collection practices of not only third party debt collectors and debt buyers but also of creditors collecting their own debts.  

The CFPB also announced that it has begun adding consumer complaints about debt collection to its public Consumer Complaint Database. 

We are preparing a legal alert to provide details on the ANPR that will be available on the blog.