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ARTICLE · 02 AUGUST 2016

CFPB Outlines Long-Awaited Debt Collection Reforms

Holland & Knight
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The Consumer Financial Protection Bureau released on July 28 new proposals designed to "overhaul" the practices of the debt collection industry. The proposals include sweeping changes to existing...

United StatesConsumer Protection
Anthony E. DiResta
Anthony E. DiResta
Kwamina Williford
Kwamina Williford
Brian Goodrich
Brian Goodrich
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Anthony E. "Tony" DiResta and Kwamina Thomas Williford are partners and Brian J. Goodrich is an associate in our Washington DC office.

HIGHLIGHTS:

  • The Consumer Financial Protection Bureau (CFPB) released new proposals designed to "overhaul" the practices of the debt collection industry.
  • Key proposals include a cap on the number of times a collector may attempt to contact a borrower, new debt substantiation requirements and expanded consumer disclosures.
  • The Bureau will seek input from the public, consumer groups, industry and other stakeholders during the rulemaking process.

The Consumer Financial Protection Bureau (CFPB) released on July 28 new proposals designed to "overhaul" the practices of the debt collection industry. The proposals include sweeping changes to existing regulations, including a cap on the number of times a collector may attempt to contact a borrower, new debt substantiation requirements and expanded consumer disclosures.

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