On Wednesday, the CFPB presented its annual report on the Fair Debt Collection Practices Act before Congress, the second FDCPA report the agency has published since assuming enforcement responsibilities originally under the authority of the FTC.
The report noted the finalization of a proposed rule on the supervision of large debt collection market participants, which will allow the CFPB to supervise and examine the business activity of firms with “more than $10 million in annual receipts resulting from consumer debt collection,” according to insideARM.com.
The CFPB said in its rulemaking the new authority will cover 175 debt collection agencies, which account for more than 60 percent of the industry’s total annual receipts in the debt collection market.
While the report did not include information on examination and supervision activities, it did include detailed consumer complaints against debt collection firms with the CFPB, because the agency is not yet accepting complaints against debt collectors, insideARM.com reports.
The CFPB said that while it has not had the opportunity to launch and complete full investigations resulting in enforcement actions against debt collectors, it noted an October settlement with American Express, in which the credit card company was required to issue $85 million in customer refunds and pay $27 million in penalties over its allegedly illegal card practices.