A Broader Application Of Fair Debt Collection Principles
July 12, 2013, 9:41 AM EDT
Law360, New York (July 12, 2013, 9:41 AM EDT) -- On July 10, the Consumer Financial Protection Bureau issued new debt collection guidance and announced broad application of the Fair Debt Collection Practices Act under Sections 1031 and 1036 of the Dodd-Frank Act. The guidance suggests that the CFPB views the acts and practices made illegal by the FDCPA to be Unfair, Deceptive And Abusive Practices (UDAAP) under a different name.
While the CFPB published a larger participant rule in October 2012, allowing federal supervision of certain consumer debt collectors and a field guide for use...