Last week, we explained the Comprehensive Debt Collection Improvement Act (CDCIA). To recap, the CDCIA is actually 8 separate bills relative to debt collection and covers the following topics:
As expected, on Thursday, March 13, 2021, the CDCIA passed in a 215- 207 vote. Consumer groups are celebrating the vote, and after the vote passed, House Financial Services Chairwoman Maxine Waters had this to say:
During the pandemic crisis, which has harmed all of our communities, debt collectors have earned record profits. Their tactics are often abusive and predatory. Many debt collectors harass consumers with frequent phone calls, make threats, and provide misleading information to consumers. The debt collection industry is also plagued by poor record-keeping, resulting in many consumers being harassed for debts that they do not owe. Debt collection is among the top issues that the Consumer Financial Protection Bureau receives the most complaints about from consumers, and those complaints have risen since 2019.
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