The Consumer Financial Protection Bureau ("CFPB") and the Federal Trade Commission ("FTC") highlighted efforts to stop improper debt collection practices. In an annual report, the agencies described their enforcement actions, education and outreach initiatives, rulemakings and policy development.
The CFPB and the FTC share the responsibility for enforcing provisions under the Fair Debt Collection Practices Act ("FDCPA"). The FDCPA is intended to prevent debt collectors from engaging or assisting in unfair, deceptive practices; it also requires debt collectors to follow certain practices so as to avoid relying on data and information that is easily identified as incorrect or in error. According to the annual report, debt collection is a $10.9 billion dollar industry that affects millions of Americans.
The report covers:
- information on the debt collection market;
- a summary of consumer complaints submitted to the CFPB and the FTC in 2017;
- supervisory activities of the CFPB in the debt collection market;
- enforcement actions filed by the FTC and the CFPB;
- amicus curiae briefs filed in two cases under the FDCPA;
- consumer education and outreach initiatives by the FTC and the CFPB;
- research, market monitoring and rulemaking activities conducted by the CFPB; and
- policy and research initiatives by the FTC.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.