On November 20, the CFPB once again released its latest rulemaking agenda update. The previous update, issued last May, extended debt collection rulemaking pre-rule activities from April 2015 until December 2015. This latest update extends debt collection pre-rule activities scheduled through February 2016.
In extending the pre-rulemaking period, the CFPB stated as follows:
The federal government for many years has received more consumer complaints about debt collectors than about any other single industry. The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from engaging in unfair, deceptive, abusive, and other unlawful collection practices, but no federal agency was vested with authority to issue general implementing regulations prior to the creation of the CFPB. In November 2013, the CFPB issued an Advance Notice of Proposed Rulemaking seeking comment, data, and information from the public about debt collection practices, and in January 2014, the CFPB extended the comment period to February 28, 2014. The Bureau is in the process of analyzing responses to a survey seeking information from consumers about their experiences with debt collectors and is engaged in qualitative testing to determine what information would be useful for consumers to have about debt collection and how that information should be provided to them.
Troutman Sanders LLP will continue to monitor the CFPB’s pre-rulemaking activity and provide updates on any rules once they are published.