Volume 25 - Number 6
March 17, 2014
Groups Oppose Applying FDCPA to First Party Creditors Under UDAAP
Three lender-related trade groups told the CFPB they are opposed to the wholesale extension of the Fair Debt Collection Practices Act to first-party creditors using the bureauís rulemaking authority to prohibit unfair, deceptive or abusive acts and practices. Commenting on the bureauís advance notice of proposed rulemaking on debt collection practices, the American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable said they support the CFPBís decision to initiate a rulemaking in the space, given the massive consumer debt market now stands at $11.8 trillion and the importance debt collection has for credit availability.
Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.
This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744