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CFPB Issues Advanced Notice of Proposed Rulemaking for the Debt Collection Industry



by Robert E. Bostrom
Greenberg Traurig, LLP - New York Office

Peter L. Cockrell
Greenberg Traurig, LLP - McLean Office

Brett M. Kitt
Greenberg Traurig, LLP - Washington Office

Gil Rudolph
Greenberg Traurig, LLP - Washington Office

J. Scott Sheehan
Greenberg Traurig, LLP - Houston Office

November 15, 2013

Previously published on November 13, 2013

On November 6th, the Consumer Financial Bureau (the “CFPB” or the “Bureau”) kicked off its process for issuing long-awaited rules that will govern the practices of the debt collection industry. Section 1089 of the Dodd-Frank Act amended the Fair Debt Collection Practices Act (FDCPA) to authorize the CFPB to issue such rules. The CFPB’s rules will be the first formal rules that implement and interpret the requirements of the FDCPA. The rules have the potential to reshape many aspects of the debt collection industry.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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