CFPB Debt Collection Questions Draw Thousand of Comments

The Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking for the debt collection industry has hit the 1,000 comment mark on Regulation Room, a site created by the CFPB in partnership with Cornell University to make the comment process more user-friendly. The comments are in response to 162 questions the Bureau asked about how to best clarify and reform debt collection regulations. The topics range from debt collection litigation to issues with mobile technology.

Collectors and consumers still have more than a month to submit feedback to the CFPB; the comment period on the ANPR closes February 10. You can submit comments via Regulation Room or the traditional regulations.gov site.

For example, the Consumer Relations Consortium – a newly-formed industry group which currently represents more than a dozen large market ARM participants – is preparing a coordinated effort to respond to the ANPR. The CRC is especially focused on collaborating with consumer advocacy groups in order to inform its positions.

Collection agencies and advocacy groups have worked tirelessly to share their own data with the CFPB and make their voices heard in the early phases of the rulemaking process. This must be seen as an opportunity for the collection industry to be proactive about proving compliance to the CFPB.

Get a comprehensive first look at the comments collected by the CFPB at insideCompliance: Assessing the Impact of CFPB Rules on Debt Collectors on Tuesday, February 18 at 2 p.m. Eastern (that’s just one week after the comment period ends!). Understand what the data the CFPB collected means in terms of next steps for the industry. Learn from top compliance experts what collection agencies can do right now to get ready for more CFPB oversight.

You’ll Learn:

• What were the CFPB questions and categories with the most responses
• How collectors’ responses to question differed from consumer responses
• Next regulatory steps the CFPB may take in the debt collection market
• …and much more!

It’s a first-of-its-kind event you won’t want to miss!