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On September 5, 2024 the CFPB issued its annual Fair DebtCollection Practices Act report. Medical debt, rental debt, and consumer complaints were among the topics focused on in the report. The report stated that the CFPB received approximately 109,900 debtcollection complaints in 2023.
CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debtcollections. The collection agency provided an account itemization and threatened to pursue legal action if the bills werent paid. RMAI will collaborate with the CFPB on addressing these issues in 2025.
The consumer filed suit, alleging that the letter violated Pennsylvania’s Fair Credit Extension Uniformity Act (“FCEUA”), which provides that “[i]t shall constitute an unfair or deceptive debtcollection act or practice under this act if a debt collector violates any of the provisions of the Fair DebtCollection Practices Act.”
. – Counts toward identifying and avoiding discriminatory collection practices (Diversity, Equity & Inclusion). DebtCollection Law — Big Changes, Big Issues (November 16th). Data Security as an Element of Vendor Management (December 1st). Texas Dow Employees CreditUnion | TX.
Relying on the representations of the creditor, the debt collector reported the consumers account to the CRAs as undisputed. The Court disagreed, explaining that what matters is the relationship between debtcollection and the method of collecting, not the nature of the additional amount imposed.
New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies. DFS is struggling with how to develop an appropriate consumer notice since the CCFA does not apply to all forms of consumer debt.
Similar to the final rule on medical debt, the future of the initiatives listed in the Regulatory Agenda remains uncertain as a new administration takes office in early 2025. In its continued focus on debtcollection, the CFPB recently issued a blog post titled, Protecting you from unlawful debtcollection at work.
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