This bulletin describes certain acts or practices related to the collection of consumer debt that could, depending on the facts and circumstances, constitute UDAAPs prohibited by the Dodd-Frank Act. Whether conduct like that described in this bulletin constitutes a UDAAP may depend on additional facts and analysis.
In response to recent practices observed during supervisory examinations and enforcement investigations, the Consumer Financial Protection Bureau (CFPB or Bureau) issues this bulletin to provide guidance to creditors, debt buyers, and third-party collectors about compliance with the Fair Debt Collection Practices Act (FDCPA) and sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) when making representations about the impact that payments on debts in collection may have on credit reports and credit scores.
Debt buyers, debt collectors, and others who furnish information to credit reporting agencies have a variety of obligations under the Fair Credit Reporting Act (FCRA) and Regulation V. The Consumer Financial Protection Bureau (CFPB) issues this bulletin to highlight one of those obligations—the obligation of furnishers to investigate disputed information in a consumer report. The CFPB is concerned that, when a furnisher responds to a consumer’s dispute, it may, without conducting an investigation, simply direct the consumer reporting agency (CRA) to delete the item it has furnished.
The Bureau of Consumer Financial Protection (CFPB) is issuing this compliance bulletin and policy guidance to residential mortgage servicers and subservicers (collectively, servicers), in light of potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB’s concern in this area remains heightened due to the continuing high volume of servicing transfers.
The CFPB is issuing this Compliance Bulletin to industry to remind entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E when obtaining consumer authorizations for preauthorized electronic fund transfers (EFTs) from a consumer’s account. This Compliance Bulletin summarizes the current law, highlights relevant supervisory findings, and articulates the CFPB’s expectations for entities obtaining consumer authorizations for preauthorized EFTs to help them ensure their compliance with Federal consumer financial law.
In response to recent practices observed during supervisory examinations and enforcement investigations, the Consumer Financial Protection Bureau (CFPB or Bureau) issues this compliance bulletin to provide guidance to creditors, debt buyers, and third-party collectors about compliance with sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and the Fair Debt Collection Practices Act (FDCP A) when collecting debt from consumers.
Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.Questions and answers pertaining to compliance with CFPB Regulation F on the FDCPA.
The Debt Collection Proposed Rule (Proposed Rule) proposes to clarify how a debt collector would provide certain required disclosures electronically. Though this document outlines and aids in understanding the Proposed Rule, it is not, itself, a proposed rule. All citations in this document are to sections of the Proposed Rule. For more information on the Proposed Rule, including a “Fast Facts” summary of the proposal, please visit:http://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/.
On May 7, 2019, the Bureau issued a proposal (the May 2019 Proposed Rule) to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The May 2019 Proposed Rule was published in the Federal Register on May 21, 2019 and would prescribe federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The supplemental proposal on time-barred debt supplements the May 2019 Proposed Rule by adding a proposed §1006.26(c), as well as a related provision of §1006.34(c), Model Forms, and Official Interpretations.