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To embed, copy and paste the code into your website or blog: On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt Collections Practices Act (“FDCPA”). Until the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was passed, no federal regulator had the authority to interpret the FDCPA through rule writing. The Dodd-Frank Act expressly paved the way for a federal regulator, the CFPB, to take a look at what it regarded as evidence of “abusive, deceptive, and unfair debt collection practices” and to interpret appropriate features of the FDCPA through rule writing. 

Consumer financial protection bureauSmall business review panelFair debt collections practices actDodd frank wall street reformConsumer protection actDodd frank actLike part oneAdvanced noticeProposed rulemakingParts onePart oneFinal ruleDisclosure focused ruleBarred debtPassive debt collectionPart two