Today, we presented our annual report to Congress on the Fair Debt Collection Practices Act (FDCPA.)
From the report:
“This report covers much good work done together over the past year by the CFPB and the FTC. In the last year, we began an important new chapter in the history of the FDCPA. Under the larger participant rule recently adopted by the CFPB, any firm with more than $10 million in annual receipts from consumer debt collection activities is now subject to our supervisory authority. This authority extends to about 175 debt collectors, which accounts for over 60% of the industry’s annual receipts in the consumer debt collection market. This new federal authority enables us both to protect consumers and to promote a level playing field for all law-abiding debt collectors.”
“Above all, we are concerned about the system-wide problems in the debt collection market that pose risks to consumers, and we want to see good practices come to dominate the market, including improved data integrity.”
If you have questions about debt collection, check out Ask CFPB for some answers.
Read the rest of the report.