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CFPB's Proposed Debt Collection Rules Are Bad

Posted by Ryan D. Peterson | Jun 19, 2019 | 0 Comments

Piggy bank under water

The Consumer Financial Protection Bureau (“CFPB”) has released proposed rules governing debt collection practice. Theoretically, this is an agency that should be looking out for consumers, but unfortunately, it's been captured by the industry. The rules would allow debt collectors to do the following:

  • Make excessive phone calls to consumers
  • Send consumers unlimited text messages and emails without getting permission first
  • Go after consumers for debts that are too old to be sued on
  • Violate consumers' privacy by contacting third parties, like their friends, families, and neighbors

The one positive in all this is that the rules aren't in effect yet. One step folks can take to voice their displeasure is to sign the petition here. It'll only take a minute of time, but it's important to let the CFPB know that this isn't ok.

Please email or give me a call if you have more specific questions regarding your own situation.

About the Author

Ryan D. Peterson

Attorney Ryan D. Peterson Ryan D. Peterson is a former debt collection attorney turned consumer rights expert and advocate. After graduating from William Mitchell law school in 2008, Ryan opened his own criminal defense firm. In 2010 Ryan joined a Minneapolis-based debt collection firm. Ther...

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