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Legal Update

A Debt Collection Overhaul Is Upon Us: The CFPB’s Proposals Offer a Sign of What’s to Come

5 August 2016
Mayer Brown Legal Update

Nearly three years after releasing its Advance Notice of Proposed Rulemaking on debt collection practices, the Consumer Financial Protection Bureau (CFPB) has finally offered some insight on its plans for issuing rules under the Fair Debt Collection Practices Act. On July 28, 2016, the CFPB released an outline of proposals that it is considering in preparation for the next step in the rulemaking process—convening a Small Business Review Panel. In this Legal Update, we describe the proposals under consideration, particularly in light of past CFPB enforcement actions and guidance.

Authors

  • Steven M. Kaplan
    T +1 202 263 3005
  • Ori Lev
    Partner
    T +1 202 263 3270
  • Anjali Garg
    Associate
    T +1 202 263 3419

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