As you will recall from CPW’s prior update (here), earlier this fall, the CFPB issued a final rule (the “Rule”) to implement the Fair Debt Collection Practices Act (“FDCPA”). 12 CFR Part 1006 et seq. The Rule is perhaps the most significant development affecting the debt collection industry since the FDCPA came
According CFPB’s Director, “In April and May, the [CFPB] received approximately 42,400 and 44,100 complaints, respectively—the highest monthly complaint volumes in the Bureau’s history.” This is something Consumer Privacy World is monitoring closely because an increase in CFPB complaints means lawsuits and statutory changes are not far behind.
Indeed, just this week the U.S. House
Earlier this year, the Consumer Financial Protection Bureau (“CFPB”) established a Taskforce to assist with the improvement and oversight of existing federal consumer financial laws. According to the CFPB, the Taskforce “is charged with developing recommendations on harmonizing, modernizing, and updating the Federal consumer financial laws, as well as identifying gaps in knowledge that