CFPB report is a warning to consumer debt collectors

By James Sandy (May 12, 2022, 4:15 p.m. EDT) — On April 15, the Consumer Financial Protection Bureau released its annual report on the Fair Debt Collection Practices Act.

The report not only examines the number and type of debt collection complaints the office received in 2021, but also identifies specific debt collection activities the office has targeted over the past year.

It is clear going forward that the agency intends to closely monitor debt collectors and non-bank entities subject to CFPB oversight, and such entities should be aware of a potentially seismic shift in the type of debt covered by the FDCPA.

Tendencies

The CFPB report highlighted some…

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