News & Events
The CFPB, the FTC, and the New Chapter of the FDCPA
Location: Illinois Creditors Bar Association, Chicago, IL
Date: November 11, 2013
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Raechelle Norman and Sulejman Dizdarevic discuss the two 2013 studies issued by the FTC and the CFPB on collection industry practices, recent enforcement actions, as well as the recent CFPB bulletins suggesting a more expansive role of the FDCPA in reaching creditor conduct.
Since the financial crisis, the FDCPA has been and continues to be a hot button issue for various federal and state lawmakers and government enforcement agencies. In 2011, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress transferred the FTC’s administering role of the FDCPA to the CFPB. Now, both the FTC and the CFPB are authorized to enforce the FDCPA. Over the last few years, the FTC and the CFPB have issued a number of reports summarizing their studies of the collection industry and recommendations concerning the changes to the rules governing the interaction among various stakeholders in the industry, i.e., debt sellers, debt buyers, debt collectors, and consumers. This session will examine the FTC and CFPB’s recent reports on the structure and practices of the debt buying industry, their FDCPA enforcement actions, and potential changes to the FDCPA and other relevant rules and regulations affecting the collection process.