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CFPB Set to Release Debt Collection Proposal on July 28
Wednesday, July 20, 2016 6:45 AM

The Consumer Financial Protection Bureau is expected to unveil a proposal on July 28 that would regulate debt collection practices. The bureau said it plans to hold a public hearing in Sacramento, Calif., focused on debt collection and feature remarks from CFPB Director Richard Cordray, as well as a panel discussion with consumer advocates, industry representatives, and the public.

The CFPB often uses field hearings to unveil key regulations and it's widely expected the agency will roll out a proposal on debt collection.

The plan is likely to expand the Fair Debt Collection Procedures Act to cover first-party debt collectors, not just debt buyers. Debt collection activities also fall within the CFPB's authority to protect consumers from unfair, deceptive or abusive acts or practices, known as UDAAP.