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 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.
Building on CFPB qualitative work, CFPB engaged ICF in September 2019 to quantitatively measure how variations of the language, content, and display in the Regulation F validation notices affect consumer understanding and stated behavior. The survey was conducted with 8,011 total respondents, with 5,312 having experienced debt collections. The study was a web survey conducted with respondents who were panelists from Ipsos KnowledgePanel.
This report presents the results of a large-scale online survey experiment designed to test several versions of Regulation F proposed disclosures to support the understanding of time-barred debt and revival. These data were collected by ICF International on behalf of the CFPB between May 2019 and September 2019. ICF International produced a detailed report, available at this link, on its methodology, including sampling, response rates, and question development.
In this research project, the CFPB tested whether the Regulation F model validation notice effectively disclosed debt information and what actions consumers can take in response to the notice. Our findings demonstrate that the model validation notice is clear, easy to understand, and effectively provides consumers with actionable information.
Table of Contents for Debt Collection (Regulation F) NPRM
May 7, 2019 proposal to amend Regulation F to prescribe Federal rules governing the activities of debt collectors covered by the FDCPA