Key Points in the CFPB’s Outline of Proposed Rule for Third Party Debt Collectors

Consumer Finance Law Quarterly Report
24 minute read | June.01.2016

On July 28, 2016 the Bureau of Consumer Financial Protection (CFPB) announced that it is considering proposing a rule to “overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt.” The CFPB released several related documents, including a report on thirdparty debt collection operations and an outline of the proposal (the Outline) to be presented to a panel of small businesses pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA). Under the SBREFA process, the CFPB first seeks input from a panel of small businesses that likely will be subject to the forthcoming rule. A report regarding the input of those reviewers is then created and considered by the CFPB before issuing its proposed rule.

Originally published in the Consumer Finance Law Quarterly Report; reprinted with permission.