Alert October 16, 2012

CFPB to Hold Field Hearing on Debt Collection

The CFPB, in alignment with its continuing focus on debt collection, will hold a Debt Collection Field Hearing in Seattle, Washington on October 24, 2012. The CFPB previously released a report to Congress on its efforts to enforce the Fair Debt Collection Practices Act (see April 17, 2012 Alert) and filed a joint amicus brief with the FTC and DOJ urging the Supreme Court to overturn a circuit court opinion interpreting the cost-shifting provision in the FDCPA to impose attorneys’ fees on a debtor (see August 21, 2012 Alert). The CFPB has not yet issued a final rule defining “larger participants” of the debt collection market (see February 21, 2012 Alert), but the CFPB will likely issue a rule soon given that prior to the field hearing on the consumer reporting market, the CFPB released its final rule defining “larger participants” of the consumer reporting market (see July 24, 2012 Alert).