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Monday, March 10, 2014

CFPB to Seek Consumer Feedback on Debt Collection

According to the Federal Register, “The CFPB plans to conduct a mail survey of consumers to learn about their experiences interacting with the debt collection industry. The survey will ask consumers about their experiences with debt collectors, such as whether they have been contacted by debt collectors in the past, whether they recognized the debt that was being collected, and about their interactions with the debt collectors. The survey will also ask consumers about their preferences for how they would like to be contacted by debt collectors, opinions about potential regulatory interventions in debt collection markets, and about their knowledge of their legal rights regarding debt collections. The information collected through this survey will be used to inform a CFPB rulemaking concerning debt collection and research purposes. Written comments are encouraged and must be received on or before May 6, 2014 to be assured of consideration.”

Read more in the Federal Register.

The ABIA has a task Force of members that work on issues related to the CFPB's regulation of insurance products, including debt protection products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.