CFPB extends comment period for debt collection proposal

cfpb-logoThe CFPB announced it is extending until Sept. 18 the comment period on its Notice of Proposed Rulemaking implementing the Fair Debt Collection Practices Act.

The bureau said the proposal is intended to provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and clarify requirements for certain consumer-facing debt collection disclosures.

As previously reported, the CFPB introduced a proposal to implement the FDCPA back in May. The proposed rule is intended to target only third-party debt collectors, but not financial institutions directly.

Leave a Reply