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CFPB extends comment period for debt collection proposal

The Consumer Finance Protection Bureau has extended the comment period for its proposed changes to the Fair Debt Collection Practices Act (FDCPA). 

To provide more time for commenters to gather data and prepare responses, the comment period has been extended 30 days to Sept. 18, according to a press release. At press time, the FDCPA proposal had racked up 2,021 comments.  

The CFPB proposed changes to the FDCPA in May to protect consumers from harassment by debt collectors. The changes include a limit on the number of calls debt collectors may place to reach consumers, as well as specifying the contents of messages left for consumers.  

For More Read: Debt collection proposal may spark tighter vendor oversight

While the proposal is geared toward third-party collectors, first-party creditors will also be affected. For instance, creditors may need to tighten their vendor management, John Redding, a partner at Buckley LLP, previously told Powersports Finance. 

After the comment period expires, the CFPB will review the comments and any changes it wants to make to the proposal.  

As Associate Editor of Powersports Finance, Matt Wood reports on the latest developments and trends of the powersports finance world, from innovation to new partnerships. He's also a movie/TV show buff and is willing to argue about Lost anytime. Former bylines include Scout Media and CinemaBlend.

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