CFPB, FTC report to Congress on fair debt collection law activities

The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) on Tuesday sent Congress a report on their 2017 activities to combat illegal debt collection practices. The report on the agencies’ administration of the Fair Debt Collection Practices Act (FDCPA) includes details provided by the FTC to the consumer bureau in February.

The CFPB and the FTC share enforcement responsibilities under the FDCPA. In January 2012, they entered into a memorandum of understanding that provides for coordination in enforcement, sharing of supervisory information and consumer complaints, and collaboration on consumer education.

In Tuesday’s announcement, the more notable 2017 activities cited for the CFPB include: handling approximately 84,500 debt collection complaints (making it one of the most prevalent topics of complaints about consumer financial products or services received by the bureau); uncovering actions examiners deemed to be FDCPA violations; filing briefs as amicus curiae in two cases in federal appeals courts.

The FTC reports, among other things, having: filed or resolved 10 cases against 42 defendants (obtaining more than $64 million in judgments); banned 13 companies and individuals that engaged in serious and repeated violations of law from ever working in debt collection again.

CFPB/FTC announcement

CFPB Report to Congress

FTC letter to CFPB Acting Director Mick Mulvaney