CFPB Extends Deadline for Comments on its Debt Collection Rulemaking Proposal

The Consumer Financial Protection Bureau (CFPB) has extended the comment period for its Advance Notice of Proposed Rulemaking (ANPR) for debt collection. The new deadline is February 28, 2014.

The Bureau updated the Federal Register recently to reflect the extension. The original deadline was February 10.

In extending the comment period, the CFPB noted that it had received numerous requests for an extension, mostly likely coming from collection industry trade groups. Organizations such as ACA International, the Consumer Relations Consortium, DBA International, and the National Association of Retail Collection Attorneys (NARCA) have been working feverishly to provide the CFPB with data on the debt collection process to bolster their comments and recommendations.

The CFPB is interested in the data, which can take time to compile, noting in the Register, “The Bureau has carefully balanced interested persons’ desire to have more time to consider the issues raised in the Debt Collection ANPR, gather data, and prepare their responses, with the fact that this is the first of what the Bureau expects to be many opportunities for public input over time. Accordingly, the Bureau is extending the period allotted for comments received pursuant to the Debt Collection ANPR. The comment period will now close on February 28, 2014.”

Interested parties can still comment through the government’s Regulations.gov portal or through a partnership with Cornell University at RegulationRoom.org.

Curious about how the debt collection ANPR will impact the ARM industry? Attend the next insideCompliance session, Assessing the Impact of CFPB Rules on Debt Collectors on March 18, 2014. Reserve your seat.