The CFPB's proposed debt collection rule doesn't do enough to protect consumers. Help us push back.
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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 aimed at reining in the predatory practices of the debt collection industry. Unfortunately, the proposal does not go far enough to protect consumers.
The Bureau is accepting comments from the public about how to improve their proposal until next Wednesday, September 18, 2019. Prosperity Now has written a comment letter with recommendations that we believe will make the rule more effective. Please show your support by signing your organization onto our comment letter below.
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.
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].
