Small Business Review Panel on CFPB’s Debt Collector and Debt Buyer Rulemaking
This Panel addressed the Bureau’s debt collector and debt buyer rulemaking. The Bureau is concerned that practices associated with debt collection may pose significant risks to consumers. Indeed, even though the Fair Debt Collection Practices Act (FDCPA),2 the main law that governs the debt collection industry and protects consumers, was enacted in 1977, debt collection remains a major source of consumer complaints, lawsuits, and enforcement actions. To protect consumers more effectively, the Bureau has decided to consider issuing debt collection regulations that implement the FDCPA and other statutory authorities and that cover the activities of debt collectors and debt buyers.