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CFPB seeks feedback on plan to survey debt collection practices
The CFPB continues to seek feedback regarding its plan to conduct a web survey on debt collection disclosures in order to inform future rulemakings on first- and third-party debt collection. The survey will explore consumers' understanding and decision-making processes when exposed to debt collection disclosure forms.
The CFPB initially requested comment on this plan in June. In a new request published in the Federal Register today, the bureau asks for additional feedback on:
- whether the information collected in the survey is necessary for the CFPB's functions and will have practical utility;
- accuracy of the CFPB's estimate of the burden of the collection of information;
- ways to enhance the quality, utility and clarity of information to be collected; and
- ways to minimize the burden on respondents while collecting information, possibly through automated surveying techniques or other information technologies.
The bureau requests to survey 8,000 consumers on debt collection practices.
CFPB Director Richard Cordray has indicated there will be two separate rulemakings for first- and third-party debt collections, both of which are likely be released in 2018, if not by the end of the year.
NAFCU continues to engage with the bureau and Cordray to ensure any rulemakings on debt collection – especially first-party debt collection – do not place additional burdens on credit unions, which are member-oriented good actors in this space.
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