Federal Regulation History

The CFPB is seeking comment, data, and information from the public about debt collection practices. The CFPB is considering proposing rules relating to debt collection and is interested in learning through responses to this advance notice of proposed rulemaking (ANPR) about the debt collection system, about consumer experiences with the debt collection system, and about how rules for debt collectors might protect consumers without imposing unnecessary burdens on industry.

In an effort to understand the consumers’ perspective on the debt collection process, related to the CFPB’s Regulation F rulemaking, Fors Marsh Group (FMG) conducted five focus groups with two consumer groups; individuals with no debt collection experience and individuals who had been contacted by a debt collector attempting to recover a debt within the previous two years (henceforth referred to as “debt collection experience”). 

The CFPB worked with Fors Marsh Group (FMG) to develop a model validation notice for Regulation F intended to clearly communicate key information about the debt and about how consumers can respond to the notice. To assess how different content, wording, and formatting could influence consumer perception and behavior, FMG conducted interviews with consumers as they reviewed a series of model validation notices. FMG conducted 30 one-on-one interviews with consumers.

The CFPB worked with Fors Marsh Group (FMG) to develop a model validation notice for Regulation F intended to clearly communicate key information about the debt and about how consumers can respond to the notice. To assess how different content, wording, and formatting could influence consumer perception and behavior, FMG conducted interviews with consumers as they reviewed a series of model validation notices. FMG conducted 30 one-on-one interviews with consumers.

The CFPB worked with Fors Marsh Group (FMG), as part of the Regulation F rulemaking process, to develop model validation notices that will communicate effectively and clearly key information about the debt and about how consumers can respond to the notice. The effort included focus groups, individual in-depth cognitive interviews, and one-on-one user experience (UX) interviews with consumers in multiple locations across the United States.

To better understand the operational costs of debt collection firms, particularly in areas potentially affected by regulatory proposals under consideration, the CFPB conducted a survey of debt collection firms and vendors. The answers to the survey questions provide material for the CFPB consideration of what it would cost collectors of different types to comply with potential new rules, including what was eventually enacted as Regulation F.

This is an outline of the Panel Report addressing the CFPB’s debt collector and debt buyer rulemaking that led to Regulation F. Under the Regulatory Flexibility Act (RFA), the CFPB must convene and chair a Small Business Review Panel when it is considering a proposed rule that could have a significant economic impact on a substantial number of small entities. The Panel considers the impact of the CFPB proposals under consideration and obtains feedback from representatives of the small entities that would be subject to the rule.

This Panel Report addresses the CFPB’s debt collector and debt buyer rulemaking that led to Regulation F. Under the Regulatory Flexibility Act (RFA), the CFPB must convene and chair a Small Business Review Panel when it is considering a proposed rule that could have a significant economic impact on a substantial number of small entities. The Panel considers the impact of the CFPB proposals under consideration and obtains feedback from representatives of the small entities that would be subject to the rule. 

This report presents the results of the Survey of Consumer Views on Debt which the CFPB conducted between December 2014 and March 2015. The survey results substantially expand the understanding of debt collection in the United States by providing the first comprehensive and nationally representative data on consumers’ experiences and preferences related to debt collection.  The study led to CFPB Regulation F.

This is a proposed model validation notice as included in the CFPB’s Regulation F.