January 13, 2014

Feb. 28 new deadline for debt collection ANPR

Jan. 14, 2014 – CFPB has extended to Feb. 28 the comment deadline on its advance notice of proposed rulemaking on debt collection practices.

Published in November, this ANPR poses 162 questions in all. Several of these pertain to creditors – both their engagement of third parties to perform debt collection services and the types of information debt collectors are provided at the outset.

The bureau is considering a rulemaking under authority it possesses under the Fair Debt Collection Practices Act. It says it may also, through this rulemaking, address other concerns related to debt collection under its Dodd-Frank Act authority to promulgate rules addressing unfair, deceptive and abusive acts or practices and set requirements for disclosures to consumers.

The bureau only has direct supervision and enforcement authority over institutions with $10 billion or more in assets, but its rules apply to all institutions regardless of asset size.

CFPB originally set a Feb. 10 comment deadline. It extended the deadline "to allow interested persons more time to consider and craft their responses," it said in the new notice. NAFCU is preparing a Regulatory Alert to garner members' input to the association's official comment letter.