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.