Looking Back on Consumer Protection Efforts of the CFPB

Will the Consumer Financial Protection Bureau (CFPB) remain an important tool for fighting unfair debt collection practices and protecting consumers from deceptive debt collectors? That is a question that has been circulating this last year of the Trump presidency. While it is difficult to know what the CFPB’s funding will look like and what kind of power the Bureau will have in the coming years, we do know that the CFPB did substantial work in 2017 to “combat illegal debt collection practices.” The Bureau recently released an annual summary report that details some of the actions taken last year that helped to protect consumers against unscrupulous debt collectors.
The report highlights how the CFPB plays a role in enforcing the Fair Debt Collection Practices Act (FDCPA), and how it works in conjunction with the Federal Trade Commission (FTC) to ensure that consumers are treated fairly. In addition to enforcing the FDCPA, the Bureau also plays a role in educating the public through outreach initiatives, as well as working on policy. What actions were taken over the last year?
Shared Enforcement Responsibilities Between CFPB and FTC
As the report explains the CFPB and FTC share responsibilities under the FDCPA. According to the report, the CFPB and FTC together do the following (and did so in 2017):
  • Coordinate law enforcement;
  • Share supervisory information;
  • Address and respond to consumer complaints; and
  • Collaborate on consumer education.
In 2017, the CFPB played a role in many different actions. It dealt with specific consumer complaints, and it also filed lawsuits. In addition, the CFPB reached out to the public to help provide better information about consumer rights under the FDCPA.
Bureau Actions in 2017 Designed to Protect Consumers from Illegal Debt Collection Practices
The following are just some of the actions that the CFPB took in 2017, according to the report:
  • Fielded about 84,500 complaints from consumers about debt collection practices, which made this area of complaints “one of the most prevalent topics . . . about consumer financial products or services received by the Bureau”;
  • Through supervisory examinations, the CFPB found violations of the FDCPA;
  • File two federal court briefs for FDCPA violations;
  • Resolved a case involving a violation of the FDCPA, which led to consumer relief and an enforcement penalty;
  • Litigation five cases concerning violations of the FDCPA;
  • Conducted investigations into companies’ debt collection practices to ensure that no FDCPA violations took place;
  • Provided educational materials to the public about debt collection;
  • Provided consumers with language for engaging with a debt collector; and
  • Conducted research on consumer debt issues and online debt sales (the latter of which may play a role in a new debt collection rule).
An Oak Park Consumer Protection Lawyer can Help
Agencies like the FTC and the CFPB are designed, at least in part, to protect consumers from unscrupulous practices. If you were harassed by a debt collection company, or if a debt collector used deceptive practices to try to get you to repay a debt, you should speak with an Oak Park consumer protection lawyer about your rights under the FDCPA. An advocate at the Emerson Law Firm can answer your questions today. Contact us for more information.
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