CPFB Issues Annual Report on FDCPA Activity

The CFPB has released its annual report on activities under the Fair Debt Collection Practices Act. You can read it here. The report summarizes consumer complaint data, the Bureau's new supervision program, amicus briefs, and enforcement actions (not much to report in that category), and significant enforcement and other actions taken by the FTC, among other things.  Some snippets from Rich Cordray's introduction:

  • "As we continue to emerge from the devastating fiscal crisis of 2007-2008, we find that debt
    collection constitutes one of today’s most important consumer financial concerns. Currently,
    about 30 million consumers, nearly one out of every ten Americans, are subject to debt
    collection activities, for amounts that average about $1,500 apiece."
  • "Under the
    larger participant rule recently adopted by the CFPB, any firm with more than $10 million in
    annual receipts from consumer debt collection activities is now subject to our supervisory
    authority. This authority extends to about 175 debt collectors, which accounts for over 60% of
    the industry’s annual receipts in the consumer debt collection market."

Leave a Reply

Your email address will not be published.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