The Consumer Financial Protection Bureau is expected to unveil a proposal on July 28 that would regulate debt collection practices.
The bureau said Friday that it plans to hold a public hearing in Sacramento, Calif., focused on debt collection. The hearing will feature remarks from CFPB Director Richard Cordray as well as a panel discussion with consumer advocates, industry representatives and the public. The hearing's location has not been announced yet.
The CFPB often uses field hearings to unveil key regulations and it's widely expected the agency will roll out a proposal on debt collection.
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Without the Consumer Financial Protection Bureau setting specific debt collection guidelines including what technology agencies can use the industry will continue a practice that harms consumers: lawsuits.
June 8 -
While the CFPB has not set specific deadlines to issue proposals on debt collection, analysts expect so-called pre-rulemaking activities - typically a report or a small-business review panel - to occur this summer.
May 20
The plan is likely to expand the Fair Debt Collection Procedures Act to cover first-party debt collectors, not just debt buyers. Debt collection activities also fall within the CFPB's authority to protect consumers from unfair, deceptive or abusive acts or practices, known as UDAAP.
