Fair Debt Collection Practices Act | Auto Finance News | Auto Finance News

CBA urges CFPB to exempt lenders from FDCPA

The Consumer Bankers Association has become the latest financial organization to submit formal comments to the Consumer Financial Protection Bureau regarding the Fair Debt Collection Practices Act. In the letter, the trade group urges the CFPB to add language that explicitly exempts creditors and first-party servicers from the bureau’s final ruling. “Although the [notice of […]

Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance News. “[The decision] is throwing a fly in the CFPB’s ointment for […]

Consumer groups seek extension of FDCPA comment period

Consumer advocacy groups have formally requested a two-month extension — to Oct. 21 — on the comment period for the Consumer Financial Protection Bureau‘s proposed debt collection rule. The comment period is currently set to expire Aug. 19. Seven advocacy groups signed the letter, citing the long and complicated nature of the proposal. “The proposal’s […]

Comments pour in on CFPB’s debt collection proposal

With 41 days left to submit feedback on the Consumer Financial Protection Bureau’s proposed amendments to the Fair Debt Collection Practices Act, more than 1,100 comments already have been filed. Of those comments, 469 were sent today. Many of the consumer comments claim that the number of contact attempts is too high and that allowing texts and emails […]

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

Proposed Changes to Collection Practices Could Affect First-Party Creditors

The Consumer Finance Protection Bureau has issued a Notice of Proposed Rulemaking (NPRM) to the Fair Debt Collection Practices Act (FDCPA) and, while the proposal is geared toward third-party collectors, first-party creditors will need to make changes as well, Stefanie Jackman, a partner at Ballard Spahr, told Powersports Finance. “Some of the proposals, if enacted as […]

CFPB Move to Cap Collection Calls Sparks Controversy Between Agencies, Advocates

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule change to the Fair Debt Collection Practices Act, which would limit the number of times debt collectors can call consumers, “will likely force creditors to turn to [increased] litigation or credit reporting,” ACA International Chief Executive Mark Neeb said at the agency’s first town hall meeting […]