Unpacking the CFPB's Proposal to Regulate Debt Collection Industry

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Join Our Webinar This Week and Add Your Organization to Our Debt Collection Letter!

In the spring of this year, the Consumer Financial Protection Bureau (CFPB) released a set of proposed rules [[link removed]] aimed at reining in the more predatory side of the debt collection industry. Unfortunately, the proposal does not go far enough to protect consumers. Given that more than 71 million Americans have some form of debt in collections, it is extremely important that the Bureau gets this rule right. This Thursday, August 8, join Prosperity Now and the National Consumer Law Center (NCLC) [[link removed]] at 2 pm EST to learn more about what is in the Bureau’s proposed rule and what needs to be done to make it better. We will also share some findings from our report on addressing debt in black communities and let you know what you can do to advocate for a strong rule.

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The Bureau is accepting comments from the public about how to improve their proposal until September 18, 2019. Prosperity Now has written a comment letter [[link removed]] with recommendations that we believe will make the rule more effective. Please show your support by signing your organization onto our comment letter below.

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The debt collection industry consistently ranks as one of the leading sources of consumer complaints in the country. In 2018 alone, the CFPB and the Federal Trade Commission (FTC) received more than 550,000 complaints in total about this industry, outpacing complaints about credit cards, student loans and mortgages. Complaints include being contacted for debt not owed or for the wrong amount, as well as the use of aggressive collections tactics like abusive language or threatening to sue someone to induce repayment.

For additional questions about the debt collection rule, please contact Anju Chopra at [email protected].

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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