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ARTICLE · 23 MARCH 2018

CFPB And FTC Outline Efforts Against Improper Debt Collection Practices

Hogan Lovells Cadwalader
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The Consumer Financial Protection Bureau and the Federal Trade Commission ("FTC") highlighted efforts to stop improper debt collection practices.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Consumer Financial Protection Bureau ("CFPB") and the Federal Trade Commission ("FTC") highlighted efforts to stop improper debt collection practices. In an annual report, the agencies described their enforcement actions, education and outreach initiatives, rulemakings and policy development.

The CFPB and the FTC share the responsibility for enforcing provisions under the Fair Debt Collection Practices Act ("FDCPA"). The FDCPA is intended to prevent debt collectors from engaging or assisting in unfair, deceptive practices; it also requires debt collectors to follow certain practices so as to avoid relying on data and information that is easily identified as incorrect or in error. According to the annual report, debt collection is a $10.9 billion dollar industry that affects millions of Americans.

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