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Consumer Financial Protection Bureau Unveils Outline of Proposed Rules on Debt Collection

  • Written by Steel Rose

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The Consumer Financial Protection Bureau (CFPB) recently held a meeting to unveil its outline of proposed rules that will overhaul the debt market. The outline was presented by Richard Cordray, the head of the CFPB, and applied to both first and third-party debt collectors. The proposals generally will fall into three categories: (1) requirements to substantiate debt, (2) requirements regarding notice to consumers and (3) requirements regarding consumer disputes. When the final rules are announced, they will represent the first major regulatory change to the debt collection industry since the Fair Debt Collection Practices Act was enacted in 1977.