The Consumer Financial Protection Bureau’s (CFPB) annual report to Congress regarding the implementation of the Fair Debt Collection Practices Act (FDCPA) highlights efforts to protect consumers, particularly in the context of the COVID-pandemic. 19.
The analysis also noted the CFPB’s collaboration with the Federal Trade Commission (FTC) in administering the legislation.
According to the report, agencies have worked to end illegal debt collection practices while continuing law enforcement, consumer education, and public policy and awareness initiatives.
Last year, the CFPB initiated four public execution actions stemming from alleged violations of the FDCPA, according to the report, indicating that the CFPB resolved two of the cases, resulting in two judgments ordering nearly 15.2 million dollars in repairs for consumers and $ 80,000 in civil fines. And two cases remain in dispute.
Additionally, the report noted that the CFPB has posted content to help consumers navigate the COVID-19 pandemic financially; released a report highlighting military complaint data from 2019; published information on debt collection activities during the student loan pandemic; and the published results of an online quantitative survey of over 8,000 respondents to test multiple versions of disclosures to support understanding of prescribed debt and the stimulus informing CFPB final rules on debt collection.
The CFPB and the FTC share the enforcement power of the FDCPA and work closely to coordinate efforts to protect consumers from unfair, deceptive and abusive debt collection practices.