CFPB Extends Proposed Rulemaking Comment Deadline to Sept. 18

The Consumer Financial Protection Bureau has extended its deadline for comments on the proposed rule to modernize the Fair Debt Collection Practices Act to Sept. 18, 2019.

ACA International has been working diligently to compile feedback and a comprehensive comment letter on the rule proposal through a grassroots advocacy effort. Members may now continue to join the advocacy campaign until the close of the comment period. ACA appreciates the opportunity to continue to work on its comprehensive response with members and with the bureau on behalf of the accounts receivable management industry. ACA will be providing additional information about member webinars and opportunities to learn more about how to file individual comments in the next few days.

In July, the CFPB Director Kathy Kraninger received a written request from seven consumer groups to extend the comment deadline for the proposed debt collection rule by two months.

It is critical for the industry to be engaged in this process and to work closely with ACA as it continues to advocate for additional clarity for the accounts receivable management industry.

Members are encouraged to review the proposed rule  (text of rule starting on page 447) and ACA’s summary of it here. ACA will continue to work closely with the CFPB to advocate on behalf of the accounts receivable management industry and to ensure that the final rule will be beneficial for the debt collection industry and consumers alike. Please stay tuned to the ACA Daily Newsletter for more information.

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Posted in Debt Collection.