On March 20, 2019, the Federal Trade Commission (FTC) announced that the FTC and CFPB provided their joint annual report to Congress regarding the agencies efforts to administer the Fair Debt Collection Practices Act. This report is just one more indicator of the increasing focus of debt collection practices of financial institutions.
In this joint report the CFPB explained that it plans to provide a Notice of Proposed Rulemaking relating to debt collection practices sometime in the spring of 2019.
The bottom line is that debt collection practices continue to be an increasing hot topic with regulators. Therefore, we will be including the annual report to Congress in our next Quarterly Compliance Update, which will be available for purchase later in April.
