Removing Barriers Blog

CFPB Releases FDCPA Report and Extends NPRM Comment Period
Posted March 20, 2020 by CUNA Advocacy

The CFPB released its annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights the efforts by the Bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices, including law enforcement activities, consumer education, public outreach, and policy initiatives.  

In a separate action, the Bureau announced an extension to the comment period on its Supplemental Notice of Proposed Rulemaking (SNPRM) proposing to require FDCPA-covered debt collectors to make certain disclosures when collecting time-barred debts. The extension pushes back the closing of the comment period to June 5, 2020. 

The comment period extension was granted due to “the challenges posed by the COVID-19 pandemic.”  The CFPB’s action aligns with CUNA’s recommendation that the Bureau delay any unnecessary regulatory action at this time as credit unions focus on serving members affected by the pandemic.