• Service: Advisory, Risk Consulting, Financial Risk Management
  • Industry: Banking & Capital Markets
  • Date: 8/2/2013

Regulatory Practice Letter #13-15 

The Bureau of Consumer Financial Protection (CFPB or Bureau) has undertaken a variety of initiatives to enhance consumer protections in the debt collection industry. The Bureau’s efforts underscore the heightened focus now being given to the debt collection industry.
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In particular, the CFPB has:

  • Issued two guidance documents to supervised entities that address areas of particular attention, including unfair, deceptive, or abusive acts or practices (UDAAP), and the Fair Debt Collection Practices Act (FDCPA);
  • Expanded its consumer complaint database to accept consumer complaints related to any consumer debt (such as credit card debt, mortgages, auto loans, medical bills and student loans);
  • Provided “action letters” that consumers may use to correspond with debt collectors in a variety of circumstances; and
  • Conducted a field hearing on debt collection practices, and an industry roundtable jointly with the Federal Trade Commission (FTC).