The Consumer Financial Protection Bureau (CFPB) has released its long-awaited Outline of Proposed Rules governing third-party debt collectors. The proposal, released in advance of today’s 2:00 PM EDT CFPB Debt Collection Field Hearing in McClellan Park, California, is 117 pages and covers a wide range of topics that had been raised nearly three years ago in the Advance Notice of Proposed Rulemaking. According to the Bureau, the proposed rules would — among other things — “overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt.”
The Outline of Proposed Rules released yesterday applies primarily to third-party debt collectors and debt buyers. The CFPB says they’ll “address consumer protection issues involving first-party debt collectors and creditors on a separate track,” saying that a second SBREFA outline and hearing is expected in the coming months. Worth noting, however, is that some of the proposals – such as data transfer – can only be successfully implemented with creditor participation.
Topics covered in the outline include:
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