The CFPB should ban the collection of debts on which the statute of limitations has expired, according to a new report from the National Consumer Law Center on “zombie debt.” “In light of the serious harm to consumers caused by time-barred collections, we urge the CFPB to prohibit all collection of time-barred debt – whether through litigation or non-litigation means – as unfair, deceptive or abusive acts or practices,” said the NCLC. This prohibition should apply to creditors, debt collectors and debt buyers.The CFPB has authority to make rules “necessary or appropriate” to its ability to enforce the Fair Debt Collection Practices Act (FDCPA) and “to prevent evasions thereof,” the consumer group said. It also has general authority to issue “rules ...