The debt collection industry has been clamoring for an update to the Fair Debt Collection Practices Act for years, but the CFPB proposal announced Tuesday is likely to meet resistance from consumer advocates.
Kathy Kraninger, director of the Consumer Financial Protection Bureau, participates in a discussion at the Bipartisan Policy Center in Washington on April 17. By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow May 7 at 10:56 AM The Consumer Financial Protection Bureau on Tuesday proposed allowing debt collectors to call consumers seven times in a week as part of the first major update to industry rules in more than 40 years.
The $11.5 billion industry, which has been anxiously awaiting the rules, is likely to balk at the cap. Industry officials have argued there is no evidence such limits would be helpful.
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