Late last week the Consumer Financial Protection Bureau (CFPB) issued its annual report on the agency’s administration of the Fair Debt Collection Practices Act (FDCPA). The report covers agency action in 2015, including the issuance of over $79 million in fines to debt collections found in violation of the act. Also in 2015, thirty companies were banned from debt collection by the Federal Trade Commission for repeated violations. High profile cases against J.P. Morgan Chase for selling bad debt and illegally signing documents were also noted.
In 2015 alone, the CFPB received more than 85,000 complaints related to debt collection practices. The agency supervises debt collection practices under the FDCPA and through its rulemaking authority in the Consumer Financial Protection Act. Consumer credit is on the rise and with that comes increased collection services. The CFPB found that consumer credit is over $615 billion higher in 2015 than it was in 2008.
Read the full report HERE
