CFPB moves to reduce fees charged by debt collectors

The Consumer Financial Protection Bureau last week issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.

The press release, with a link to the advisory opinion, is here.

Leave a Reply

Your email address will not be published. Required fields are marked *