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201303 Cfpb March FDCPA Report1

201303 Cfpb March FDCPA Report1

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Published by Foreclosure Fraud

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Categories:Types, Research
Published by: Foreclosure Fraud on Mar 23, 2013
Copyright:Attribution Non-commercial


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MARCH 20, 2013
CFPB Annual Report 2013
Fair Debt Collection
Practices Act
Message fromRichard Cordray
Director of the CFPB
On July 21, 2011, the Consumer Financial Protection Bureau was launched as the firstgovernment agency solely dedicated to consumer financial protection. This annual reportdescribes efforts taken in the past year to administer the Fair Debt Collection Practices Act(“FDCPA”). As we continue to emerge from the devastating fiscal crisis of 2007-2008, we find that debtcollection constitutes one of today’s most important consumer financial concerns. Currently,about 30 million consumers, nearly one out of every ten Americans, are subject to debtcollection activities, for amounts that average about $1,500 apiece.This report covers much good work done together over the past year by the CFPB and the FTC.In the last year, we began an important new chapter in the history of the FDCPA. Under thelarger participant rule recently adopted by the CFPB, any firm with more than $10 million inannual receipts from consumer debt collection activities is now subject to our supervisory authority. This authority extends to about 175 debt collectors, which accounts for over 60% of the industry’s annual receipts in the consumer debt collection market. This new federalauthority enables us both to protect consumers and to promote a level playing field for all law-abiding debt collectors. As explained in ourDebt Collection Examination Procedures, theBureau is now using its new supervisory authority to ensure compliance with the FDCPA.In addition, the Bureau will continue to exercise enforcement authority across the market toaddress problems after they surface. Above all, we are concerned about the system-wide
problems in the debt collection market that pose risks to consumers, and we want to see goodpractices come to dominate the market, including improved data integrity.One of the explicit purposes that Congress expressed for the FDCPA is to ensure “that those debtcollectors who refrain from using abusive debt collection practices are not competitively disadvantaged.” At the Consumer Bureau, we likewise believe that reasonable market oversightis critical to fostering competition in consumer financial markets and bolstering the work done by the most responsible participants in those markets. When the debt collection market worksas it should, consumers will be treated fairly, will retain their dignity, and will be prompted inappropriate ways to pay their legitimate debts. We will continue to endeavor to make theconsumer financial markets work better for the people we serve.Sincerely,Richard Cordray 

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