CFPB debt collection plan would ‘harass’ consumers: Waters, consumer groups

The CFPB’s proposed third-party debt collection rule would allow collectors to harass consumers and would fail to protect them from predatory practices, House Financial Services Chairwoman Maxine Waters (D-Calif.) said Tuesday.

“This is yet another example of an anti-consumer action at the consumer bureau by a Trump Administration appointee,” Waters said, adding that last year, the agency received about 81,500 complaints about debt collection practices.

“This proposed rule does not come close to protecting consumers from predatory behavior,” she said. “Instead, it allows debt collectors to needlessly harass and threaten consumers by sending unlimited emails and text messages and calling them seven times a week to collect debts.”

The CFPB issued its 538-page proposal rule implementing the Fair Debt Collection Practices Act on Tuesday.

 

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