CFPB Pitches New Rules For Debt Collection Industry

Law360 (May 7, 2019, 2:07 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday rolled out a highly anticipated package of proposed debt collection regulations, saying it aims to clarify and modernize consumer communication and disclosure standards and crack down on problematic practices like threatening to sue over expired debts.

The more than 500-page notice of proposed rulemaking released by the CFPB has been years in the making and brings the agency closer to issuing the first set of substantive rules interpreting the Fair Debt Collection Practices Act, a four-decade-old federal law that governs the $11.5 billion debt collection industry.

“The bureau is taking the next step in...

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