The Consumer Financial Protection Bureau closed the comment period for its Advance Notice of Proposed Rulemaking for the debt collection industry in February, but that doesn’t mean the debate has died down. If anything, now’s the time for the collection industry to analyze the responses to the ANPR – from collectors and consumers alike – and use the data gleaned from the comments to prepare for next steps from the CFPB.
Debt collectors, and creditors, can expect consumer-friendly regulations from the CFPB that strictly define if, when and how they can get in touch with consumers. In a way, this is good news; it’s a chance to modernize communication practices to include the use of cell phones, email and more. On the other hand, expect practices like collecting on – or even communicating about – time-barred debt to come under fire.
The regulatory landscape is gearing up for some huge changes in 2014 and beyond. That’s why we compiled the latest news, analysis and debate from our insideCompliance webinar into one user-friendly report. Get ahead of the CFPB as it takes its next steps to collect consumer data and create new rules for debt collection. This is a resource no company should be without!
- What will the CFPB’s proposed rule look like?
- How could a CFPB proposed rule impact creditors, or other special interest groups?
- In the meantime, what can the industry as a whole do to get ready for future CFPB rules?
This report contains:
- Analysis of the CFPB's Advance Notice of Proposed Rulemaking, and follow-up consumer mail survey
- Timeline for future CFPB rules and regulations
- ANPR responses from leading industry groups: ACA, Consumer Relations Consortium, DBA
Author: insideARM.com with John Rossman, Linda Straub-Jones and Ron Canter
Length: 293 pages