The Consumer Financial Protection Bureau (CFPB) late last week released its fourth annual report to Congress detailing the regulator’s efforts to administer and enforce the Fair Debt Collection Practices Act (FDCPA). The report includes updates on supervision, enforcement, rule making, and complaints in the debt collection market, among other things.
The report details the work of the Office of Supervision, which began examinations of the Larger Market Participants in the collection industry in January 2013. Much of the information covered in the section was compiled from the CFPB’s two semi-annual supervisory reports that covered 2014. Some of the FDCPA violations examiners discovered at collection agencies include:
- Excessive or inconveniently timed telephone calls.
- Misleading representations in collection litigation.
- False threats of litigation.
- Faulty training materials causing prohibited disclosures to third parties.
- False and misleading representations in debt collection communications.
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