Twenty-eight State Attorneys General urged the CFPB to reconsider a proposed rule that "elevates the interests of the debt collection industry over consumers."
The Consumer Financial Protection Bureau highlighted recent findings from supervisory exams covering auto loan origination, credit card account management, debt collection and mortgage origination.
In comments supporting a CFPB proposal to amend the Fair Debt Collection Practice Act, the FTC recommended that the CFPB require collectors to adopt procedures to ensure consumers receive notices.
Two debt collectors and their respective companies agreed to a permanent ban in order to settle New York Attorney General charges for deceptive and illegal practices.
The CFPB proposed amending its regulations under the Fair Debt Collection Practices Act to clarify certain restrictions and address predatory debt collection practices.