CFPB Proposes Rule Changes on Debt Collection Practices
This proposed rule does not come close to protecting consumers from predatory behavior. Instead, it allows debt collectors to needlessly harass and threaten consumers.
Representative Maxine Waters (D-CA)
This proposed rule does not come close to protecting consumers from predatory behavior. Instead, it allows debt collectors to needlessly harass and threaten consumers.
Representative Maxine Waters (D-CA)
The CFPB proposed amending CFPB Regulation F ("Fair Debt Collection Practices Act") to clarify certain restrictions and address predatory debt collection practices.
The proposal would, among other things:
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limit call attempts to seven times a week;
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require a debt collector to wait one week after speaking with a consumer before calling again;
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force debt collectors to send disclosures to consumers with debt information, such as itemizations of debt, and guidance on how consumers can respond to collection communication;
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allow emails, text messages and other new communication technologies to be used in collection communications; and
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prohibit a debt collector from suing or threatening to sue a consumer if the statute of limitations has expired.