Consumer Lending, Regulation

CFPB extends comment period on debt collection practices, impact on consumers

Bill Past DueThe CFPB recently extended the comment period on an advance notice of proposed rulemaking regarding debt collection practices and their impact on consumers.

The original deadline for public comment has been moved from Feb. 10 to Feb. 28.

The CFPB is seeking comment on the accuracy of information provided to third-party debt collectors and buyers by the original creditor. The ANPR seeks feedback on how debt collectors identify and validate that they are pursuing the correct debtor, as well as how they respond to consumers who maintain that they have the wrong person.

The ANPR also seeks information on the quality of information received by consumers related to the debt and whether new rules would improve the disclosures. It also requests public comment on how legal rights are disclosed to consumers and how debt collectors contact debtors.

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