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CFPB Considers Debt Collection Rules
Thursday, November 7, 2013 7:00 AM

The Consumer Financial Protection Bureau (CFPB) yesterday took the first step toward considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), CFPB is collecting information on a wide array of issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts. The Bureau also announced today that it will begin adding consumer complaints about debt collections to its public Consumer Complaint Database.

The Advance Notice of Proposed Rulemaking can be found at: http://files.consumerfinance.gov/f/201311_cfpb_anpr_debtcollection.pdf

The CFPB says it is working with the Cornell University e-Rulemaking Initiative to make it easier for the public to comment through a project called Regulation Room. Regulation Room provides an online environment for people and groups to easily learn about, discuss, and react to proposed rules or ANPRs by federal agencies. Individual contributions about the CFPB’s ANPR will be incorporated into a report prepared by Cornell researchers and submitted to the Bureau. Consumers can go to www.regulationroom.org to begin participating.